- I'm almost 30 and finally able to buy my first house. When I find something I like and see the price history I get really disheartened. Just looking for some words of wisdom or something. Link included.
- [CA] Appraisal came in WAYYYY low- what now?
- If your doing a home renovation at what point is it worth it to do a refinance on a an existing loan?
- Can utility fines be passed onto the tenants?
- What to look at in comps?
- Asking for Current Lease From Realtor
- Selling house before or after carpets/flooring, paint, etc? then moving maybe far
- $400 HOA fee for a 4 bedroom condo?
- Tax Question - Am I calculating my reduced exclusion correctly?
- [MN] What Constitutes an FHA-Compliant Handrail and Landing?
- Shared Driveway Question
- Manufactured home - Freddie Mac?
- Seller making home inspection impossible.
- Selling a rental home - specifically excluding current renters?
- Help, need real estate advice on selling property.
- Long range forecast on short term remote getaways/vacations
- What are some must-read Real Estate books that helped you when first becoming an agent?
- Buying a house in a different city
- Why are properties being listed way above the county's public property appraisal? As an example, if the county appraisal is $170k, why is it listed at $225k? Would I have to cover the difference in addition to the 20% to get a mortgage?
- Questions regarding FHA
- First time seller seeking advice on finding an agent [SC]
- How long did it take before you bought your first million dollar rental property?
- Questions regarding Habitat for Humanity house (mother owns it but now has alzheimers)
| Posted: 27 Dec 2018 12:20 AM PST |
| [CA] Appraisal came in WAYYYY low- what now? Posted: 26 Dec 2018 09:52 AM PST Hey everyone, As the title suggests, I am in the midst of a cash out refinance, and we just got the appraisal back, and it came in a whole lot lower than expected. I am a small business and commercial real estate lender, so I am somewhat familiar with the process, but less experienced with residential appraisals. A bit of background: My wife and I purchased a 1,052 square foot home in CA in November of 2017 for $625,000. We immediately tore it down to the studs, renovated the whole thing, and added an additional 600 square feet. In total, we spent about $160,000 on the renovation. We met our contractor at an open house for another property he renovated for an investor. He did 2 properties in our neighborhood and they sold for $900k and $950k. The floor plan is almost identical to the house that sold for $900k, except we had a larger lot size, so we were able to add additional square footage in the addition. We financed the renovation using the equity in another property, and basically want to consolidate all debt from the renovation into the mortgage. We found a lender that offered the best rates and terms, and began moving forward with the estimated value between 900,000 and 1mm based on market trends, and the comparable sales of the other properties our contractor sold. The appraiser came on a Friday morning- was here for about 15 minutes, took some pictures, and left. She asked a few questions about the finishes, etc, but not much. I also didn't see her measure a single thing, but admittedly was not following her around while she was here. The appraised value came back at $775,000. I started digging through the report, because if I were to list my property on the market today at $850k, I'd have multiple offers like every other listing in the neighborhood, and likely be able to sell for comfortably above $900k. I noticed some material discrepancies in the report; the most glaring being this: The "measured" square footage on her report is 1,419 sqft. Conveniently within 1 sqft of the square footage pulled from the county records (former seller had, without proper permitting, converted garage into living space, and we converted it back to a garage). On the sketch, she shows that the room we added was 550 square feet (which might be a tad low, but not egregiously), but that the rest of the home only has 851sqft. A county assessor has not been to the property since renovation, so I am not surprised that the county records are not up to date, but it seems pretty unethical for a licensed appraiser to use this number as the basis of the square footage and claim that she measured the same. Basically as a result, the comparable sale that she assigned the most weight to was a 1,263 square foot home in the neighborhood that sold for 775,000. With a price per square foot of approximately $615, the missing 200 square feet in our appraisal would account for the appraisal being approx $125,000 below the range we expected to see. In my professional experience, challenging an appraiser's report only results in the appraiser digging their heels in to justify their assessment. As a lender, I also know that EVERYBODY claims their property is worth more than it usually appraises for. I'd hate to try to challenge the appraiser, only to have them try to further justify the low valuation and waste a lot of everyone's time, but I think the mistakes here are very material. Anybody have any similar experience? How would you handle this? TL;DR- Appraiser based report on inaccurate square footage, and appraised value came in approx $125,000 below our low end expectations. [link] [comments]  |
| Posted: 26 Dec 2018 09:11 PM PST |
| Can utility fines be passed onto the tenants? Posted: 26 Dec 2018 02:25 PM PST Recently have had a tenant delinquent on their water bill, and we got charged a fee to turn the water off/turn it back on. Is it legal to put some sort of clause in the lease that states something like: "Any fines imposed by the city for failure to pay utilities on time will be the responsibility of the tenant to pay" How do you guys handle this? (philadelphia btw) [link] [comments]  |
| Posted: 26 Dec 2018 08:49 PM PST Hey there! So we have a property we are very interested in. We like the location, the floor plan, the size, etc. However I'm a little thrown off because it seems to be a good bit cheaper than other properties In the same area. This property: $285k, 2200 sq ft Other properties $350k, 1924 sq ft $350k, 2160 sq ft $347k, 1783 sq ft $345k, 2450 sq ft $339k, 1500 sq ft $275k, 2150 sq ft I think it's throwing me off due to sorting by sq ft and seeing most of them $300k+ and just the two below $300k. I need to look at recently sold, but when I do, what should I compare exactly? Sq ft, year built, lot size? Anything else? Can I ask directly why they are priced cheaper? [link] [comments]  |
| Asking for Current Lease From Realtor Posted: 26 Dec 2018 04:13 PM PST I found a great rental property and this is my first one and I want to be able to calculate everything correctly and would like to know things such as, are utilities included, when is the lease set to expire, and other things. The property is also current occupied. My question is would it be strange if for my first contact to the realtor, I ask for a copy of the lease? [link] [comments]  |
| Selling house before or after carpets/flooring, paint, etc? then moving maybe far Posted: 26 Dec 2018 10:10 AM PST We are thinking to sell our house in the next year or two. Possible moving from NC to CO. We built new in 2006, we haven't painted the walls (except kids and bathrooms I tried and failed) and carpets are original (planned on kids wrecking them) Should we replace carpets/flooring and paint the walls (and painting would mean fixing holes and chips and etc) before we even think about selling or try to sell as is? (I have duct tape where carpets meet vinyl, kids and cats stains, it's bad) Spouse wants to do a home equity loan to consolidate cc debt and use some of it to do carpets and painting. We've also thrown out the idea of selling to one of those new biz that you just sell your house to outright. But I think we'd end up screwing ourselves over and losing money overall. The house is valued around 170k, spouse says we have 40-50k equity. (He takes care of the finances). Carpets and painting would be ~5-10k. He's tired of owning a house, and our marriage is basically over (loooong story) but we're fine living together and parenting together. We'd go to rent something either here in NC or move to CO. We both would like to move to CO (We both have "special friends" there). We know CO is a lot more expensive than here, I don't know how deep he's looked into the areas there, but I have somewhat, and it's daunting to say the least. From what I can tell we'd need to be in the Aurora area to afford what we want/need as basic housing. Rent would be 1500-2000 in CO and we pay 1100 mortgage now in NC. I've mentioned buying in CO, but spouse wants to just rent. Makes some sense as I believe we'd likely get divorced quicker in CO (NC is harder than CO to do that) and renting would make separating households easier. In need of opinions and advice. Thanks [link] [comments]  |
| $400 HOA fee for a 4 bedroom condo? Posted: 26 Dec 2018 07:22 PM PST Is this as ridiculous of a cost as I think it is? I live in Jacksonville, FL & the cost of living has skyrocketed over the last 2-3 years. The condo is listed as a 4/3 although I suspect that it's actually a 4/2.5. The HOA fee covers water & outside maintenance but $406 is a lot especially since the listed price is only $109k. I'm young and looking for a modern/renovated property to buy so I can rent out 2 rooms and have most of my mortgage paid for. I just don't know if it's worth a $400 HOA fee. About the location: the street itself is meh, but it's very close to some important shopping and close to highway access. What do you guys think? What advice would you give to a 25-year-old about this? [link] [comments]  |
| Tax Question - Am I calculating my reduced exclusion correctly? Posted: 26 Dec 2018 11:29 AM PST Hello, Checked out the tax sticky and have read a bit on real estate tax exclusions. I understand this is Reddit and I should consult a tax accountant before making a decision, but want to make sure I'm not way off in my assumptions. Looking for a sanity check please. I bought a home in Nov 2017 for $390K. Since then, I've invested $30K in the home and am considering listing it in May, as I'm resigning from my job to attend an MBA program (also considering using it as a rental, depending on how the market looks at that time). If I do sell, I want to use the proceeds to pay for part of my school bill. For simplicity's sake, let's assume that I can list and sell the home for $465K. Since it will only have been 18 months, I won't qualify for a full tax exemption, but since my job status is changing I will qualify for a partial exemption correct? If I understand it correctly, I'll qualify for a $187K exemption ($250K * .75). My expected profit is $75K less the $30K in renovations, closing costs from original purchase, and any realtor/closing fees from the sell - let's assume ~$25K in net profit (plan on using Redfin and having reduced realtor commissions). Therefore, I won't have a tax bill on that $25K, as it is far below the partial exemption. Am I thinking about this correctly? [link] [comments]  |
| [MN] What Constitutes an FHA-Compliant Handrail and Landing? Posted: 26 Dec 2018 12:32 PM PST Hello, /r/realestate. I hope this belongs here. Feel free to let me know of a better sub. I recently got a buyer for my house. They have an FHA loan. The inspection came back pretty clean. I have one big question though: what constitutes an FHA-compliant handrail and landing? I found something on handrails while spelunking around a St. Paul government website, but I'm not convinced that it's definitive. But what constitutes a "landing?" I have 4 steps coming off my patio. They didn't find anything wrong with them. But they said there needs to be a "handrail and landing." I don't have a handrail. I'd like to be 100% sure what constitutes an FHA-compliant handrailing. Also, the steps empty out onto a concrete patio. That's not a "landing?" What constitutes a legal landing? Some boards that look like my steps? I read one thing through my Googling: it has to extend three feet past the bottom step. OK. Now: if I add this FHA-compliant "landing," do I then need to raise my steps? I'd hate for the bottom step to be too short all of a sudden... I'll add in pictures in a few minutes. Thanks in advance, everyone! EDIT: took a picture - https://imgur.com/a/KFPWexq The person that built them is an architect friend of my wife's. But he didn't even look up codes, etc. We were just tossing this together one afternoon about 8 years ago (right after we had the patio door put in). Since he did it for free, and these stairs are incredibly sturdy - no wobble at all this whole time - I wasn't going to complain. But now I have to pay the piper and make them compliant. Might even have to redo them from scratch. Another idea: what would happen if I just took the stairs away? As in: unscrew anything that's been screwed into my concrete patio or stucco and do my best to keep it in one piece and then just leave it in the garage with instructions of how to put them back? Would it not be FHA compliant as there'd be a drop off of a few feet from my patio door? [link] [comments]  |
| Posted: 26 Dec 2018 03:51 PM PST My husband and I bought a house with a shared driveway in June. Turns out that the sharing is done with some very terrible renters. I had to call the cops because the last tenant tried to run over his girlfriend in the driveway. They left their lease but there will likely be someone to take their place soon. Every tenant that has been there has periodically blocked the driveway and parked on our property. The good news is that the real estate company is trying to sell the units (for sale by owner). The problem would be eliminated if we could just buy the other half of the driveway. Does anyone have any advice? Or suggestions on what we should do? How much would that even ballpark? [link] [comments]  |
| Manufactured home - Freddie Mac? Posted: 26 Dec 2018 03:48 PM PST Can a manufactured home that has been moved more than once to Freddie Mac? I know it CANT go Fannie Mae but since they expanded to include manufactured homes, the home is on 5 acres. So far, it appears US bank isn't having an issue with it because it's on a permanent foundation and has had the mobile title eliminated. But, the guy I'm buying the house/property from is going to deny the final underwriting at the last minute. We already went through the first stage of under writing and have conditional approval. [link] [comments]  |
| Seller making home inspection impossible. Posted: 26 Dec 2018 11:22 AM PST My sister had her offer accepted two weeks ago and is in the process of getting an inspection done. She scheduled the first one 3 days after acceptance and her agent told theirs. Inspector and agent show up day of and seller is in the house still, even though the selling agent claimed its vacant. Seller refused to answer door or calls all day. So.. they try to reschedule. They've given the seller multiple different dates and he just declines them and says it wont work if he responds to his agent at all. Finally he agrees to a date 2 weeks from now and says it must be after 2pm. The inspector says he only does them at 8-10am however.. so once again shes trying to ask for a different time. The agent says her client is 'semi-famous' and lives a rockstar schedule to try and excuse the lack of professionalism. The entire time it's been very difficult to keep in touch with his agent but shes blaming him. Is there anything at all we can do here to speed up the process? At this rate closing date will be well past as well as her rate lock. Not sure if hes delaying on purpose or what but the whole situation is frustrating. She really loves the house and the listing agent seemed eager to sell but it's going nowhere. [link] [comments]  |
| Selling a rental home - specifically excluding current renters? Posted: 26 Dec 2018 01:21 PM PST I have a rental property that I plan on selling soon, and the current renters are interested in buying, but the details of my property management contract means I lose 10% if I sell to the current renters. Am I allowed to specifically discriminate against the current renters for my sale? [link] [comments]  |
| Help, need real estate advice on selling property. Posted: 26 Dec 2018 01:11 PM PST If anyone can help, my family and I require some help regarding commercial real estate sales. My parents are old and not good english-speakers so it falls on me and my sister to get the best deal we can with whoever we find. My family LLC has owned a large chunk of the city block for the past two decades, but only in recent years has the value of the property gone up considerably and now we're looking to sell (the area has developed tremendously). We own about 52,000 sq ft. half of which is zoned for retail and restaurants etc. We are working with multiple developers and starting conversations all over but do not know what is needed to protect ourselves and the value of our property. ASK: A developer has come to us, proposing to develop a site with 120 livable units along side 9000 sq ft. of retail. The market value of apartments in our area is about $1000 for a 2 bedroom unit. The 3rd and 4th floors would have lake-front views (Cleveland). We've proposed on selling for $2-3 Million but are conflicting on how much the property is really worth whether it be higher or lower. We don't want to scare away these developers with something outrageous or undersell by so much that we're idiots. How should we go about estimating the value of this project and how much we should sell the land for. It would be a ground-up project at 52,000 sq ft. so our current structures would be demolished. The overall project of what they're proposing may cost anywhere between $30-40million. What kind of people should we keep in mind to pull to our side? Like a real estate attorney? Who else? Is there any tips regarding legal matters we should learn. [link] [comments]  |
| Long range forecast on short term remote getaways/vacations Posted: 26 Dec 2018 09:22 AM PST Anyone ever think of what the long range forecast regarding demand for short term rentals could be, specifically to remote areas? Beyond economic and real estate cycles, I wonder if we will see an increase in people looking to skip town for a weekend to "disconnect" as tech intertwines more and more with our daily life. For all the good and convenience that tech seems to deliver, people also seem to get more and more dependent and can't disconnect even if they want to - whether from work or social media. Or is this really nothing new, and there will always be a handful of people looking to get away from the modern hustle and bustle while the rest are content. Perhaps it's just my age group and the younger population will have no trouble adjusting, but for me living in a metro area, weekend retreats with limited internet access sounds inviting. (Trying to justify if I should look into a remote fixer upper in the next few years with easy access to local ski resort/hiking/outdoors activities, etc for personal use and as a rental). [link] [comments]  |
| What are some must-read Real Estate books that helped you when first becoming an agent? Posted: 26 Dec 2018 04:18 AM PST I am looking for any books on RE that I can use to study/prepare me for the RE industry while I work on my 135-hr RE course to become an agent in CA. [link] [comments]  |
| Buying a house in a different city Posted: 26 Dec 2018 01:01 PM PST Hello, my family and I live in an apartment in California. We cannot afford to buy a home in the city in which we live. However, my parents would like to buy a house and will need one for when our extended family comes to stay with us later next year. We have family in a city about 4 hours north (still California) and the houses are actually affordable and within our budget. My parents would like to buy a house there and can pay 20% down. However, we do not currently plan on moving or living there. Would we be able to purchase a home there, even if we live and work in a different city? What would we need to show in order to be able to close on the home? Thank you so much. [link] [comments]  |
| Posted: 26 Dec 2018 04:44 PM PST |
| Posted: 26 Dec 2018 11:49 AM PST Does anyone know the guidelines of what an FHA loan will approve? I'm looking to buy my current rental home, but I'm wondering about weather or not they'll approve the home because of some of the dated features specifically the heating. The heating is done via a propane wall heater and/or a wood stove. They work very well at heating the home, but I've heard FHA guidelines are kind of hard. I'm just trying to gather whatever information I can regarding fha loans I can. Thanks in advance [link] [comments]  |
| First time seller seeking advice on finding an agent [SC] Posted: 26 Dec 2018 11:08 AM PST I hope everyone had a merry Christmas. My wife and I are planning on building a new home and are now in the process of trying to find an agent to list our home. We've never worked with any agents before (not even when buying our home) so we are very unfamiliar with the whole process. How do I go about finding an agent...there are so many options from small local firms to large national ones, and also online brokerages with discount rates. I figured I would look on redfin and see who listed/sold homes in a timely manner at a good price and go from there. Our home will probably be an easy sale so the online brokerage like redfin is looking pretty good to me. any advice? [link] [comments]  |
| How long did it take before you bought your first million dollar rental property? Posted: 26 Dec 2018 08:06 PM PST |
| Questions regarding Habitat for Humanity house (mother owns it but now has alzheimers) Posted: 26 Dec 2018 10:05 AM PST i wanted to reach out to you guys to see if anyone has experience dealing with estate / power of attorney issues when the person in your care owns a house under Habitat for Humanity.(i am power of attorney for my mother) we got a house built for my mother a few years back, and now she's been diagnosed with later stage alzheimers disease. she is still living in the house alone but myself and family visit her daily to make sure she is taken care of. there will come to be a point that she will need to live with either myself or my brother, and then transition into some kind of full time care, but in regards to her house, what will happen to it? i am in South Carolina, i know every state has different rules/laws/terms regarding habitat properties, as well as theres substantial risk in renting the house so i dont want to jeopardize the house in any way. has anyone had experience selling, renting, or otherwise dealing with habitat houses? [link] [comments]  |
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