Closing on new construction, NOT excited. Real Estate |
- Closing on new construction, NOT excited.
- My uncle passed away and now we’re going to sell his apartment.
- (x-posted from r/internetparents) I walked out of a deal today, and I feel guilty for my realtor. Is this a good idea?
- Taking Over In-laws Vacation Home Mortgage
- Buying land as generational investment (marijuana or otherwise)
- Smaller house on an expensive lot downside
- Length of credit history...
- Advice Dealing with Corporate Relocation
- Texas - If we build a two story house, we can see the lake. How does this affect value (and thus taxes)? Or who should I ask locally for information?
- Question buying a first house
- Consumer Rights on outstanding punch list items prior to closing on new construction in Texas.
- Louisiana - Selling - Preparing for closing
- New Home
- Seasoned vets
- Can Anyone Sanity Check Me/Give me Feedback About Mid-Term RE Goals
- Tips on buying a home （in Delaware）？
- Co-Borrower on First Home Mortgage. How does that affect DTI when applying for another mortgage?
- Getting starting with real estate [KY]
- Tell me more about Tax Sales [NJ]
- What is the difference between "property taxes" and "tax assessment"?
- Question about real estate agent salary
- (CAN) First time buyer fear
- Walkthrough issues
- Selling home after three years
| Closing on new construction, NOT excited. Posted: 04 Dec 2018 08:10 AM PST Closing next week on what's been nearly a 2 yr process (finding land, re saving after paying cash for land, finding builder, selling home etc...). Everyone keeps asking "Are you excited?" Truth is "NO I'm not!" Really could care less anymore. Tired of dealing with everyone and everything. Everyone has their hand out for money. Wife still suggests things we 'should' have did (finally had to tell her to keep it to herself unless she was paying for it.). Agents, lenders, lawyers, family, etc.... ALL getting on my last nerve! Sorry just had to vent, the world of Reddit is the place I don't get weird looks (cause I can't personally see any of you. 😬) [link] [comments]  |
| My uncle passed away and now we’re going to sell his apartment. Posted: 05 Dec 2018 04:00 AM PST It's a small & old apartment at a prime location in the Netherlands. The price of houses here is at it's highest ever. Our real estate agent said that he was going to put the house in sale for €200.000 and the he expected people to bid up to €240.000. After 1 day at sale the first person bid 200k already. Now it's 7 days later and the real estate agent said that he knows a guy who wants to pay 190k, he recommend selling it for this relative low price because he thinks people don't want to bid up to 240k after all. He also said that in the first 2 weeks of the selling it attracts the same amount of viewers as in the 2 months that come after. I was wondering if things really go like this or he might be up to something ? Are there any real estate agent here that maybe know what is up ? [link] [comments]  |
| Posted: 04 Dec 2018 07:47 PM PST First off, It was the right thing to do. While I would have been able to afford the house and all of the monthly expenses no problem, getting through closing, earnest money, inspection fees, etc, would have drained my checking, savings, and emergency funds. I don't want (and am not willing) to eat in to my investments or retirement just to close a home purchase. I feel bad for "leading on" my real estate agent. I should have gone through all of this math before, but to be honest, I was just enamored with the thought of buying a house, that I looked past those expenses at first. Would it be out of line for me to get my real estate agent a gift card for the time and effort he spent with me (writing up a contract, etc)? He's a newer agent, and it's pretty obvious that he hasn't closed many houses yet. He and his fiance just got a puppy, and I'm thinking maybe a gift card to the pet store would be appropriate. [link] [comments]  |
| Taking Over In-laws Vacation Home Mortgage Posted: 04 Dec 2018 06:28 AM PST There is about 100k left on the mortgage. I know Zillow is very inaccurate but it is estimating the home at 160k. A lawyer we know will write up a contract saying once mortgage is paid off our names will be on the deed to the home and our in-laws will not. My wife and I do not own a home currently and no other real estate. We are currently renting at $750/month. I'm trying to save as much as I can per paycheck in 401k and Roth (~20%). So trying to pay as much as I can towards the mortgage would decrease that retirement contribution. Is this a good idea to take on? What is the best approach to take on these payments? Any advice would be appreciated [link] [comments]  |
| Buying land as generational investment (marijuana or otherwise) Posted: 04 Dec 2018 03:28 PM PST I'm interested in purchasing land somewhere in the USA as a long-term investment for myself/future family/etc. Two current thoughts are: A. In the (relatively) near future marijuana will likely be legal nationwide. With this in mind, what state has the absolute best climate for cultivation (current legality aside)? B. As global warming accelerates, which city/state might benefit the most from our new hell-torn world? I've read a lot about the states along the Canadian border being the best for this. But also read conflicting thoughts. It'd be great if I could find the perfect blend of both. Just wondering if anyone on this subreddit might have any insight on these two subjects that might inform a good starting point of research for me. Thank you! [link] [comments]  |
| Smaller house on an expensive lot downside Posted: 04 Dec 2018 06:59 PM PST I have a fairly expensive lot (purchased last year for $190,000) in a great location and I'm in the design phase of planning my new build. Due to cost and practicality I only want about 2000 sq ft. That would make it smaller than most of the homes on that street but with a full basement it's all I need and more sq ft/bedrooms would just be a waste of space and money. I know that a bigger home would be ideal for that area but just how big is the downside if I need to sell it even though I don't plan on ever selling it? Would I just make less money or is it likely I would lose money (assuming no significant change in the market)? It will be a nice 2000 sq ft and probably close to $200/sq ft to build. TIA. [link] [comments]  |
| Posted: 04 Dec 2018 05:31 PM PST Does Fannie care about length of history? I know 2 years tax return, I know min credit of 600 something, but what about length of accounts? I know credit cards care about it... [link] [comments]  |
| Advice Dealing with Corporate Relocation Posted: 04 Dec 2018 01:22 PM PST Spouse got a job offer across the country that covers relocation. Particularly I was looking for any tips dealing with the relocation company while selling the townhouse we currently own. The relocation company hires 2 appraisals and if they're within 5% of each other they average then and then that's the guaranteed offer of what they'll buy our house for. Before buying it though they get us a realtor to market the house for at least 60 days. We are allowed to list it as high as 105% of the guaranteed offer. If we get an offer on the open market that is at least 95% the guaranteed offer and is found to be "bona fide" then we get a 3% incentive bonus at the end of the process. Realtors fees and all "normal closing costs" are covered. Any tips or pitfalls to watch out for? Anyway to maximize the selling/offer price in this scenario? We do have some say in the appraisers because they'll give us a list of 4-6 to choose the 2 from. Any advice on what to look for when picking the appraisers? [link] [comments]  |
| Posted: 04 Dec 2018 11:00 AM PST We are physically located about a thousand yards, as the crow flies, from the shore of a large lake. At ground/single story level, the lot view is simply trees. However, when I climb onto the roof, I can see the lake quite easily, and quite far, for most of my lateral view in that direction. We aren't really on a high spot, just a very flat spot (when the lake hit record flooding levels, the temporary shoreline was about 300 yards away, for some idea of flatness) but would be building on the slightly higher end of our lot to make use of tree cover. We are already on the fence about building a two story house (because up is cheaper than out, apparently?) because I have multiple sclerosis. We would be putting the master bedroom on ground level, but there's the unknown potential with this illness that I might someday be unable to go upstairs, where the kids' and guest bedrooms would be located. However, I would actually love to have a second story with a balcony? porch? that makes use of the view for as long as I can enjoy it. Our property is currently a homestead, and my personal worst case scenarios lead toward a disability discount (I can't think of the right word atm) on property taxes, so there's that. However, further disability also limits future potential income, and we are not sure if building up might be something we would regret yearly in the future. What kind of value difference would building up in this scenario make? Is it some sort of set amount or percentage? How is such a thing calculated? Does it matter if we are one of few two story houses in this area? For example, there are only three two story houses I can think of in my neighborhood, though there are several more about half a mile away, but those houses are double or triple the size of what we would be building. Two of our neighbours are mobile homes, and one is a house built around a mobile home, which has been partially replaced over the years. The rest of our neighbourhood tends to be homes that used to be small vacation homes that are now full-time residences with the occasional mobile home. Neighbours affect our property value, too, right? Basically, I'm not really sure how much any of this should be considered on top of choosing our final floor plan (outside of my physical ability to visit half of my house, haha). Can anyone give me a general idea how much affect these things have or tell me who I should be asking locally? I am curious about the ins and outs of how these things are determined, but I'm primarily interested in the kind of affect it would have to go two story, assuming we will probably have less income in the future. Thanks in advance! [link] [comments]  |
| Posted: 04 Dec 2018 07:54 AM PST Hi all, So I have submitted a back up offer on a house. The seller's agent (SA) has indicated to our agent (buyer's agent, BA) that we are not wasting our time here and that the current contract is not guaranteed/slam dunk. With that said, the SA sent over the inspection report that the first competing buyer (there are only two including us) paid for and asked that we come back with a final offer that takes into account all items we would want addressed if we were to go into due diligence/contract. The thing that has me a little confused/concerned is this: We are offering full price to give the seller a good enough reason to drag their feet on the buyer to get them to walk (which is the only way to cancel that contract and have us be the buyer of course). In my gut, that's about 4.5% over what I think is a fair price (which happens to be what opendoor.com offered). I'm not too terribly concerned over that, but what I thought was funny was that our BA said that she would split some highlighted items in the inspection with the SA. I at first assumed that meant we would be splitting with the seller, but upon clarification, she meant it literally. Is that strange/odd for the brokers to be paying for some of the repairs to get the deal closed? Is it a red flag that our offer is just way (perhaps overly so) better than the pending? Does it pose problems where I don't have leverage to ensure the repairs are done well (BA said she would use her "handyman" - I trust my BA now, but who knows about the handyman)? Thanks! [link] [comments]  |
| Consumer Rights on outstanding punch list items prior to closing on new construction in Texas. Posted: 04 Dec 2018 04:13 PM PST Question: If quality standards for our new home have not yet been met to our standards, and we have turned over a detailed punch list of outstanding items to the builder, can they still force us to "close" since by all legal standards the house is deemed "substantially complete" and has passed a "satisfactory final inspection made by any Warranty Administrator or other government approved inspector". Do they have the legal ground to sue us if we try and delay closing? What are our options? [link] [comments]  |
| Louisiana - Selling - Preparing for closing Posted: 04 Dec 2018 04:09 PM PST I accepted a less than ideal offer on my house based on the fact that my house is in a flood zone, and the buyers fear that they will have to buy the most expensive flood insurance effectively raising their house note. Today I received a phone call from my flood insurance company asking me to authorize transferring flood insurance. I asked why I would authorize a transfer. The agent responded, "because the house has been sold. We need your authorization." I advised that the house has not been sold, that we have not been to closing. Furthermore, I have an auto payment set up for my mortgage. I had already contacted my realtor today because the autopayment did not go through. I asked her if the title company or closing company contacted the bank regarding the sale, effectively disrupting my autopayment. She said that she is unaware, and that the payment needs to be made. I explained that the payment was scheduled to be made automatically but something disrupted the autopayment. I told her that I would take care of getting the payment. I had to set up the payment from scratch. My autopayment is usually paid the last day of the month before my payment is actually due. It's the 4th and I just set up payment, when usually I would have had it paid on 11/30. What authority does a closing or title company have to contract an insurance company and bank say that a house has been sold when we have not closed on the house? Is it common practice to disrupt a seller's bills and try to get flood insurance transferred prior to closing (by representing that the house is sold)? What gives the closing company authority to attempt to make changes to my policy? [link] [comments]  |
| Posted: 04 Dec 2018 04:03 PM PST I just moved a few months ago in the South West Florida area, looking for a new decent location to move to, my Job has me working along the coast from Punta Gorda to Marco Island, so those area would be best. I have a newborn 3 month old which I'm looking for her to grow up in a good school district and a 13yr old who started high school, but the school is not the best. I live on a median income of 58,000 a yr looking for home around 250,000$ Range 4bd 2bath kind of home private not condo. Looking for suggestions on best towns around those areas. [link] [comments]  |
| Posted: 04 Dec 2018 04:02 PM PST Realtors who have been in the business 10 years or more.... what Real Estate company do you work for? Why? What made you switch or stay? [link] [comments]  |
| Can Anyone Sanity Check Me/Give me Feedback About Mid-Term RE Goals Posted: 04 Dec 2018 11:54 AM PST TL;DR: Is keeping a home in DC and buying a cheap fixer-upper (shortsale/foreclosure + reno budget) in PA and balancing the two as terrible idea? Am I being overzealous, or could it potentially makes sense. Would I end up being overleveraged in the case of a downturn? Am I overestimating the potential upside to this situation. Wall of text: I'm using my semi-throwaway for this, but a lot of people know my regular handle IRL and I'm not trying to completely put my business in the open. Now to throw this out there – I don't plan on becoming a full time landlord – I don't think I wasn't the uncertainty or stress – however I'm not opposed to renting out a property for some time. I feel that I'm in a unique situation and I'm trying to figure out the best way to approach some life planning of which real estate plays an important role, I'll try and stick to the facts. Life Status:
Real Estate:
Problem: Now as it stands, we can float our mortgage and our apartment with little stress. But obviously my wife living in a studio apt is not an ideal scenario for us. Solution 1: Sell DC home/Buy PA home The most logical and probably easiest course of action is probably just to sell our home in DC and buy a nice house in the Lehigh Valley/far Philly burbs and be done with it. However I'm not sure if I'm ready to move on from the house in DC. Part of it is certainly emotional, part of it is logical. For the logical portion, my thinking is as follows:
Solution 2: Keep DC home, rent studio in Allentown Now the next logical option would be – well keep your house and continue renting in Allentown, keep DC as your primary residence. However there are complications here…namely:
Solutions 3: Keep DC home, rent home in PA Okay then, well if that's not an option, why not rent a place in PA where you can both live. One big complication is:
Solution 4: My current favorite - Buy a 2nd home So my thought was – well property is so cheap in pa and the schools are good, maybe just buy a second home. So my potential plan:
It seems to me that if I can buy the house, and have the perks that come with it (namely schools, dogs, my own property, equity), for around the same mortgage payment as renting, then why not. But as someone who is not a real estate expert, I feel like this is too good to be true. Where am I going to get potentially fucked? Are there going to be some factors that prevent me from doing this (financing for a shortsale/forclosure?) Please poke holes in my thought process. Edit: Additional Context. DC Home Rentability - We are not in a super hot rental neighborhood - however the house is relatively large, and has some perks for the right renter (space, proximity to metro/downtown). A house of similar dimensions to ours recently rented in about 14 days at 2x our mortgage payment (this was 3 months ago). [link] [comments]  |
| Tips on buying a home （in Delaware）？ Posted: 04 Dec 2018 02:27 PM PST I'm at the point in my life where I'd like to purchases a home. We have a home we're in love with - and as it's nothing that (i think) would be super popular with buyers, I'm hoping it'll still be on the market after the holidays. We live in Philadelphia now，but we're looking to buy a home in Delaware- I'm just not sure where to go at this point. None of my friends are at the point in their lives where they have bought a home, I don't talk with my family much, and my husbands family lives in China...Sooo I don't really have anyone to shoot me advice. We have spoken with a mortgage broker to get a bit of an idea of what the process would be like，however I'm still worried. I've only had a credit card for about 3-4 months. My husband, however has 2 years of credit history, and his credit score is 640 but it should be up to 700 shortly (based on what experian says) he's self employed and has been making taxable income for about a year and a half. Usually 3000 - 5000 a month. I have more job / tax history than he does. I make about 2000 - 2500 a month. The house we want is 175000....Right now we have 6500 in savings, however I'm sure we'll have more saved up shortly, and my husband should have his car paid off soon - so we have some extra moey saved there. I'm just worried that we won't get approved. Is there anything I should know? Or tips, anything? I'm most concerned with down payment. I know we can afford a monthly payment of 1000 - 1500 (not including what we pay/will pay for in utilities etc. It's just hard saving money with holidays coming and some other circumstances in our lives that we really don't have control of right now. I know the minimum down payment for that house (3.5%), would be somewhere a bit over 6000. And of course theres going to be all of the closing costs and other fees before actually owning a house.... Is there any way to get assistance with a down payment or closing costs？ Or things that should be avoided？ [link] [comments]  |
| Co-Borrower on First Home Mortgage. How does that affect DTI when applying for another mortgage? Posted: 04 Dec 2018 01:18 PM PST Hoping this is the correct place to post for some input. I purchased my first property 5 years ago with a co-borrower on my mortgage. This home is currently the primary residence for us both. All home/utility costs are split 50/50. Found a new, steady job, a few months back, about 50 miles out, and hoping to be able to purchase another home closer to work as my primary residence. Will not be selling the current house. When applying for the new home's mortgage, how will my current co-borrower mortgage affect my DTI? Do I claim the Co-Borrower is paying 50% which reduces my DTI? Do I have to claim that they are paying me rent and pay income tax on that amount? Thanks much! [link] [comments]  |
| Getting starting with real estate [KY] Posted: 04 Dec 2018 01:12 PM PST Hello, so I'm looking to get started with real estate as the title says, and just wanted to run my situation by the group for any input or advice. So I am 20 years old, not in school and working hard and saving money. With that being said, I want to invest and I have a very business driven mind (I also run an Amazon store). Basically what I am trying to do is buy a home, live in it, and rent the rest out to my friends or other tenants. Ideally it would be nice to profit from the Rent-Mortgage but that not necessarily the only goal. I want to have a home that builds equity that I'll then be able to use to purchase other homes to rent out entirely. I want an EMPIRE! Today I signed a Buyer's Agreement with my older brother who is a realtor (my sister is also), and am going to be applying for pre-approval very soon. I just wanted to know what everyone thinks of this plan and if anyone has any solid advice or good stuff to read or watch I would appreciate it! I'm very excited about the idea but also nervous lol. Thanks in advance! [link] [comments]  |
| Tell me more about Tax Sales [NJ] Posted: 04 Dec 2018 12:33 PM PST I received a note that I owed a trivial amount of money to the town else my property would be subject to a tax sale. Ok, never mind the bill was unpaid by the prior owner, and my attorney did double check that. And never mind that I should have included a postage paid return envelope for a receipt (damn I this is frustrating) — I paid it, and am now checking the online posting to see when the listing will be updated to not include the property I own. Lets say I did not make that payment. Someone could walk into town hall and make an offer and take ownership? Would there be an auction? Since we are talking about a plot of land, would the sale be that quick? How does this typically work? Is this a way to purchase property at a cheap price? Do people scour these lists every November? [link] [comments]  |
| What is the difference between "property taxes" and "tax assessment"? Posted: 04 Dec 2018 12:29 PM PST A major housing website has separate columns for property taxes for for tax assessment. In this case, the property taxes are $8,622 but the tax assessment is $4,305. What is the difference? This is for a condo. [link] [comments]  |
| Question about real estate agent salary Posted: 04 Dec 2018 12:20 PM PST So I am about to enter into the real estate field here in Colorado, and from what I have read it's quite difficult to earn your first commission check and can take between 3-6 months. My question to all you other realtors is what options would I have to earn a steady paycheck when starting out? For instance does working on a real estate team grant you a salary or is this industry 100% commission based? [link] [comments]  |
| Posted: 04 Dec 2018 11:18 AM PST I am new to all this and wondering if I am making a good choice. Its a Duplex 8 1/2 ($1000) and a 5 1/2 (750$) currently rented. I would start to live in the 5 1/2 next july. It cost around 240k and the neighbors seems calm except we can hear the highway from the house. Its near an university and the general hospital. The family living in the 8 1/2 don't want to move so I guess its a good sign. I feel like its a good house, but because I know nothing about this, I am scared to buy. Also from what I know, the electricity cost around $4000 for a year of use in the 8 1/2 which is really high ( tenant's responsability). I wonder if this could be an issue when its going to be time to find a new tenant. I am going to get an inspector for sure. Do you guys have any advice? Thanks [link] [comments]  |
| Posted: 04 Dec 2018 10:27 AM PST First time homebuyer with agent. Separate agent also for seller. Located in TN. Put in an offer on a house in September with tenants with property management company. I'm in my lease and had no problem with them completing their lease which ended in December. My lease ends beginning of January. Thought it was great. Turns out they didn't pay their rent and they were needing to be evicted. Was a little worried, but assured that everything would be fine and put in asking price. I was generally concerned about an inspection being completed with tenants being evicted and whatever horror could arise from that, so asked to have addendum that we do the inspection after the tenant is out. Real estate agent sent addendum. I was checking on files for my records and realize I didn't have this addendum. Contact agent and agent says oh I never got it but sure they signed it. Turned out that the seller gave the addendum to the seller and the seller refused to sign it because they thought I would back out. (apparently I was too concerned about the tenants). Seller's agent never told us and my agent/myself didn't inquire until after the date in the original contract with the inspection addendum. I have text messages where my agent said that they would cover the cost of the repairs. They didn't expect any major repairs since the home is less than 6yrs old. Did the inspection immediately and no real major repairs. Replacing chips in floor, leaking appliances. The company agreed to fix them. Just waiting on move out of tenants. Received 3 different dates of when they would be out. Finally out mid November Appraisal completed end of November and one item from the repair list also noted by appraisal. Pictures indicated property management/seller's agent's company was in home cleaning. It is a leaky dishwasher but honestly I wanted a new one anyway so not overly concerned, but want it fixed. My loan ppl continue with their part and discover that seller did not have necessary paperwork to show that their now ex-spouse doesn't have claim to the home. Delayed closing for 1 week to get the documents in order. I keep my original date for the walkthrough of the home 11/30 Electrical power is not on. holes in the wall from tenant moving out. puddle of water in the kitchen (we suspect from water leaking out of fridge during defrosting?). water damaged counter tops. Immediately inform the company. They get back to us and say we will have it finished in 7 days and you can put it in writing. I want to delay closing for 7 days at worst. Talk to my lender and they say that this is a recent problem with ppl not making repairs and trying to sell the home. I am freaked out because all my other options literally sold the week of or week before closing. I have already given my notice to my current landlord (though a minor problem). I have done research and I think I can just delay closing. I doubt I will find a house in the winter time, but any advice or additional precautions that I should take would be appreciated. I thought financing would be the hardest part. [link] [comments]  |
| Selling home after three years Posted: 04 Dec 2018 10:07 AM PST Background: Own home and condo in San Diego. Home is in North Park and Condo is in Coronado, respectively. The Coronado condo is old but it is nice. My wife and I bought the place in north park two years ago and moved into it and began renting our condo in Coronado. Did some nice upgrades. Used a traditional 20 percent down loan. I think I want to sell the house in North Park and move to a different neighborhood or back to the Condo while we wait for a nice single family. The neighborhood just isnt for us. I think the appreciation has went up on my house enough to probably do okay on the sale. I was thinking of installing new windows and a new roof before selling it and selling it without taking a hit on capital gains. But I read everywhere do not sell within five years. I am not really interested in being a landlord on that house because of the neighbors. Am I crazy? I cant seem to find any reasons why this is a poor plan but that is why I am here asking. [link] [comments]  |
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