My realtor wants to buy the house I wanted? Awkward bid war. First time home buyer. Real Estate |
- My realtor wants to buy the house I wanted? Awkward bid war. First time home buyer.
- Property manager did a $9000 make-ready without informing me, has already collected 1/2 from rents.
- Seattle sued over mandatory rental unit inspections. 4th Amendment.
- Can someone explain to me the economics of being a real estate broker?
- MA - Seller's POA is imperfect, now we're stuck in conservatorship limbo
- How to get the 2nd property?
- Real Estate License Questions
- Is it reasonable to ask to pay rent each month after cutting lease?
- I'd like to know when selling a house, does it help to list the exact date renovations were done?
- [NJ] How much should a property manager charge for a 20 unit building?
- Advice on buying a house for the first time in NY?
- Need recommendation for Lease Agreement Template online (California)
- Buying a Duplex to Live in While in College
- VA Loan Downspout Extension
- Quick question for Landlords
- Purchasing a FSBO?
- How to become an owner of an existing LLC
- I (Seller agent) got a call from the buyer agent, apparently they wrote a contract for the wrong house
- Surprise dual agent / transaction broker after signing. Someone missed this in their contract. What to do?
- Purchasing a home in cash in 2019 - when to cash out investments?
- Thoughts on CREXi vs. CoStar, Loopnet, and other comps?
- Is this the proper way to handle appliance malfunction in rental unit?
- How do I evict a non-paying tenant of house I might buy but don't have lease?
- Ongoing rehab is 2 months behind contracted schedule. Should I exercise clause to claim $50/day late charge? [WI]
| My realtor wants to buy the house I wanted? Awkward bid war. First time home buyer. Posted: 05 Dec 2018 08:21 PM PST Wth? So I'm fairly young and started the house hunt a month ago. My realtor is almost double my age and was also looking for a place with his girlfriend... Today, he called me and asked if I was ready to make an offer. I said yes, but before I continued, he said "So there's already one offer on the house. And today, there is going to be a second one coming in... and that's from my girlfriend. I can't be your realtor anymore." Are you fkn serious? I literally choked when he said that. Couldn't believe it. On the listing site, this house has been on market for almost 100 days with one noted physical tour WHICH WAS ME THIS WEEKEND. I feel like I've been played so dirty. It's obvious that he told his girlfriend about the house and now they're doing this to me. Way to have my best interest at heart - he said even if we don't buy a house, he'd be our advocate for years. What a fkn joke. As for someone looking for a first home and making her first offer, I can't help but feel some type of way. It feels unethical. I mentioned age earlier because I feel taken advantaged of. Is this even allowed? We just got a few mortgage approvals and been working with the new realtor on formalizing an offer. Again, I'm new to this so I'm pretty sure I low-balled it too much bc we had a budget... how dare he come in and start a bid war!!! We find out who wins tomorrow but it's just not fair how he can represent his girlfriend and get away with this. Edit: So this is all via Redfin, therefore no contract was signed. He is a LEAD agent so he runs a massive team in my city and handles the complicated stuff. He has helped me for only a few weeks and we saw over 10 houses this weekend. This house was clearly the winner and I was all ready to email him my offer materials. Since theres multiple offers, we won't know the other offers and the listing agent will get to pick the best one. Honestly, I'm so upset because i feel like they went behind my back because he knew my situation. I wanted to get the best deal andnnow he's in the way. I had a max budget in mind and I have a strong feeling we won't get it b/c we now have to compete. Our offer was submitted a few hours ago but it feels hopeless. I couldn't hold it in any longer so I just posted this here (this all happen 12 hours ago while I was at work, so I've been scrambling to just work with the new agent). So if I win, his interference ruined my best low price potential. If I lose, its just not fkn fair. Thanks for your responses. I will start a complaint first thing in the morning. [link] [comments]  |
| Property manager did a $9000 make-ready without informing me, has already collected 1/2 from rents. Posted: 05 Dec 2018 07:33 AM PST The unit had the same tenant in it since before I owned the building (10+ years). It's a 3 bedroom that at one point had a wall removed, so is set up as a 2 bedroom. My plan had always been to revert it back to 3/bd when she moved out, among other improvements (wallpaper removal, adding a dishwasher & WD in unit, etc). With those improvements, it'd bring $1200/month. The property manager typo'd the address when asking me about the make ready, to which I said "OK" as make-ready for the other unit is quite simple, I've done it a number of times myself for under $1000. Months later, she sends me an invoice for $9000 for work that didn't include improvements or doing anything to create value, while also letting me know that it's leased out for $800/month, which is below market even for a 2 bedroom. Her husband is a contractor that does much of the work for her business and I feel like I'm being hosed here. My contract doesn't specifically say she can't do any of the above, but I believe that she neglected her fiscal duty to me as an owner so I'm going to terminate as soon as I can find a new property manager and let her chase me for the balance - I'm not scared of going to court if I need to. Any advice? [link] [comments]  |
| Seattle sued over mandatory rental unit inspections. 4th Amendment. Posted: 05 Dec 2018 05:38 PM PST |
| Can someone explain to me the economics of being a real estate broker? Posted: 05 Dec 2018 04:25 PM PST I was hoping to better understand the economics of being a residential real estate broker, and how much it varies by state. I think I understand that typically the broker makes 2.5% - 3% for representing the buyers but what other fees come out of that and what is their typical take home percentage? Do brokers pay for their own licenses or do they get this as part of working for a bigger firm? Why do brokers work for firms and not as individual entities? Is this just because larger firms are more effective at getting customers? Also, do the models vary a lot by state? Thanks in advance! [link] [comments]  |
| MA - Seller's POA is imperfect, now we're stuck in conservatorship limbo Posted: 05 Dec 2018 03:07 PM PST Crosspost from r/legaladvice so I can get the agents' perspective: TLDR: we're about to finish up P/S. My attorneys discover that the seller's POA over the owner (his mother, in a nursing home) does not explicitly grant the right to sell real estate. Now he has to go to court and get that right via conservatorship. Listing agent originally told our agent that the POA was good to go, but clearly it's not, and the seller's attorney agrees. We already did an inspection and were all set to sign P/S, which is still being drafted. Anyway, our attorney said that while we can technically back out, there's a possibility of our offer money being on the hook. Basically, he never had a legal right to accept our offer, but because it's possible he might be able to perform by the date of our closing (in January), if we back out, they could potentially keep our deposit. I find that insane, but that's what our attorneys said. We started looking late October to get in on the deals for the winter, as Boston is an insane market in spring/summer. We managed to get our offer accepted at 20k under asking from list price, which is significantly below market in the area (accounting for the repairs we need to make: roof, electrical, some cosmetic). Also, rates are steadily increasing, and we managed to lock a really low rate with our lender. Lawyers suggested allowing a 30 day extension in our P/S so the seller has time to go to court, with a provision to require the seller to pay any future rate lock fees. Our original lender had us locked through closing, but the new closing would be a month out, so we switched lenders (the new lender can match our terms exactly and has a 75 day rate lock). This puts our rate lock 1 day past the seller's extension. We're really bummed and at a loss as to what to do. If we walk away now, we risk losing our offer deposit (plus inspection, and attorney fees thus far). If we wait until January past the seller's performance date for closing, we still lose inspection + attorney fees, and we'll be in the deadest time of the market with higher rates. If we wait past the 30-day extension and the seller fails to get conservatorship, it's the same situation PLUS we lose the appraisal fee. Is our best bet just wait out the extension with our rate lock and hope for the best? [link] [comments]  |
| Posted: 05 Dec 2018 07:30 PM PST I recently purchased a condo to live in, in Denver, rent out the 2nd bed currently. My problem now is I would have too much of my income tied up in the mortgage there, to qualify for another property: 1) How did you all go about getting your 2nd property? is it just a matter of increasing your income? Any tips on increasing income? (I have a full time job) 2) The Denver area is a pretty expensive area, and I have not seen too many plex's, Should I start looking out of state, if so, where? Thank you! [link] [comments]  |
| Posted: 05 Dec 2018 10:02 PM PST I know every state is different, I'm in Florida. Do I need the general sales associate license in order to qualify for a brokers license? Just looking for some guidance to get me starter in the right direction, Thanks. [link] [comments]  |
| Is it reasonable to ask to pay rent each month after cutting lease? Posted: 05 Dec 2018 06:03 PM PST So I am buying a home and have to cut my lease to my apartment. I was under the impression that I would have to pay my monthly rent until they found another renter. Now they are saying I have to pay the remainder all at once. I'm am speaking with them Friday to see if I can pay monthly until they find a new tenant and not all of the remaining months at once. I'm buying my first home and this cause a great inconvenience. [link] [comments]  |
| I'd like to know when selling a house, does it help to list the exact date renovations were done? Posted: 05 Dec 2018 09:41 PM PST Or do potential buyers just want to know that it was done "recently"? For example, in the selling pitch: "Main floor was entirely refinished on October 15th, 2018" or "Main floor was refinished in fall 2018" Any differences in such details? [link] [comments]  |
| [NJ] How much should a property manager charge for a 20 unit building? Posted: 05 Dec 2018 09:25 PM PST All opinions welcome!! I'd like to hear people's rationale :) [link] [comments]  |
| Advice on buying a house for the first time in NY? Posted: 05 Dec 2018 05:35 PM PST Posting on behalf of my parents who wanted some info before diving into buying a house. They currently own an apt in Queens, still paying off some leftover mortgage. The maintenance fee for the apt is rising exponentially and they're wondering if it would just be better to buy a house in the further end of Queens/bordering Long Island. Property taxes are kinda all over the place depending on the neighborhood but besides that they're finding about additional expenses that they didn't quite know about before. Apart from homeowners insurance, having gas vs oil set up there's also a sewage fee which we weren't aware of. For homeowners in the region of New York or northeast- are there other fees or other things to be aware of? Any other suggestions of what we should be looking into as a first time house buyer? Thank you! [link] [comments]  |
| Need recommendation for Lease Agreement Template online (California) Posted: 05 Dec 2018 04:20 PM PST I'll be trying to rent out my condo in a month or so, but would like to check out some lease agreements first. There are so many online. Can someone give a recommendation what they have used? TIA [link] [comments]  |
| Buying a Duplex to Live in While in College Posted: 05 Dec 2018 08:16 AM PST Simple enough post; I wanted to get feedback on the idea of buying a duplex after a financial windfall that would be my residence while I finish my degree. Obviously I would lease out the other unit to pay my bills so I dont have to stress about money, then lease both units when I'm done, or simply sell the property. Has anyone done this? Are there any negatives to this idea other than not being able to find a reliable tenant? [link] [comments]  |
| Posted: 05 Dec 2018 06:29 PM PST Selling our home, termite Inspection notes we need to extend our downspouts. Buyers have a VA loan, and apparently it's a requirement? Is there more to it than just putting in a couple of those concrete splash guard / trench things that I'm sure Lowes sells? [link] [comments]  |
| Posted: 05 Dec 2018 02:30 PM PST My wife and I are moving into a duplex rental, and have been approved to do so later this month. The landlord did a background check but did not ask for any proof of income. Does that weird anyone out? Any reason to not ask? I have always had to provide 2-3 recent pay stubs in the past. This is the first time we haven't been asked! Also sorry if this has been asked. I briefly looked and couldn't find anything. [link] [comments]  |
| Posted: 05 Dec 2018 02:23 PM PST Is there anything to be aware of when purchasing a house listed by owner? Are heavy price negotiations typical in this situation? [link] [comments]  |
| How to become an owner of an existing LLC Posted: 05 Dec 2018 02:22 PM PST So here is my situation - my mom owns two rental properties, each exists as their own LLC. I would like to be "buy" into the LLC and be made co-owner - can this be done without paying a huge transfer tax? Does anyone know how the fee is calculated? Any info would be greatly appreciated [link] [comments]  |
| Posted: 05 Dec 2018 08:08 AM PST Hi everyone! Just wanted to see how to move forward in this situation, I never been in before! We had an executed contract on 12/3/2018 for a house I am a seller agent on. The buyer agent called me today (12/5/2018) and said that apparently the contract was meant for the other house a block away. I can see why she would make this mistake. The house is the same number (ex: 123 60 terrace street vs 123 60 avenue street) I'm disappointed, since I took the house into pending. The houses are exactly the same model/size since it's within a townhome community but the other one is behind a mall parking lot so the buyer like the privacy better there. I don't want to be evil, but I want to look out for the best interests of the seller as well. How would you move forward with this if they ask to null the contract? I am leaning towards to nulling the contract, but I also don't want them to do this to create leverage to write a contract for the other townhome. ("The other townhome gave us X deal, you guys should to etc...." Any advice will be appreciated, thank you. And yes, the contract and HOA disclosure both states the address/legal description of the home I am selling, so it's the mistake on the buyer agent. Edit: Thanks everyone! So true... Just talked to my broker. Yes they can walk out anytime. AT this point I just need to wait to see if they are willing to go 5 to 10k more for the other unit or stick with mine.. It's also buyer affordability that gets into play [link] [comments]  |
| Posted: 05 Dec 2018 07:16 AM PST A friend of mine just went under contract in Florida. She sent me the contract and I noticed that the listing agent and her agent ("cooperating sales associate" per the contract) are the same. This was news to her. Now she's concerned about her offer price. I found this law regarding dual agency in Florida but can't make heads nor tails of it. Is this everyday business, like she should have read the contract more carefully, or is her agent acting in bad faith and possibly missing legally required disclosures? [link] [comments]  |
| Purchasing a home in cash in 2019 - when to cash out investments? Posted: 05 Dec 2018 05:48 PM PST Hey folks, I'm a semi-retired small business owner. I have about $750k in investments and I'm looking to buy a $250k house in cash next year because I won't be able to secure a good mortgage and don't want a mortgage when income is so variable. Business income is currently nominal. I will begin looking some time in Feb/March 2019 and will buy as soon as I find what I'm looking for (somewhat specific criteria in a highly competitive market so could be a while, but hoping cash position makes it easier). Right now my money is invested in index funds. I'm harvesting cap gains so the tax burden of selling off that position hopefully won't be too crazy. So my big question is - when should I pull out and sit on the cash? Since I'm not looking for another 3 months, I hesitate to do it now since the search could take another 3 months, meaning 6 months of cash out of the market. But I don't want to be stressing out about gains and losses when I might need the cash at any moment. If the market were to completely crash, I would be able to wait for it to recover, though I'd be very disappointed. My instinct says to do it right when I begin the house hunt in earnest. Thoughts? Bonus question, should I sit on it in cash (well, Vanguard's Money Market fund) or put it in some other kind of conservative investment like bonds? [link] [comments]  |
| Thoughts on CREXi vs. CoStar, Loopnet, and other comps? Posted: 05 Dec 2018 05:44 PM PST I need to review some CRE listing platforms for my company. I know CoStar and Loopnet are the traditional standards, but CREXi caught my attention, and I'm hoping some of you that are familiar with those and other platforms can give me some pros and cons? [link] [comments]  |
| Is this the proper way to handle appliance malfunction in rental unit? Posted: 05 Dec 2018 05:33 PM PST My property manager just informed me there was a power surge in the unit that fried the microwave and stove, both 5 years old. His recommendation is to get a new microwave ($300) and stove ($600) installed, because the cost of a new control board will be almost the same. This is my first major issue with the unit, so forgive my newbie question, but would you ask for proof of anything at this point? He said he sent out an appliance guy out to look at it, who confirmed the surge and talked about the control board. If I do go ahead with the replacements, do these costs sound reasonable to you? [link] [comments]  |
| How do I evict a non-paying tenant of house I might buy but don't have lease? Posted: 05 Dec 2018 10:21 AM PST [SC] I'm thinking of buying a house that appraised for $95,000 and only has $51,000 owed on the 1st mortgage. Monthly mortgage payments are $750. Tenant has stopped paying and lease is active until April 2019 but the seller lost the original signed lease so there is no way to know what is on it other than ask the tenant who probably won't give it to me. Here in SC, if someone buys a rental house with an active lease, he/she also buys the existing lease and tenant inside under the same lease terms until it expires. But if a lender forecloses on a rental house, I understand that the lender can just give the tenant a 30-day notice to leave since the active lease is now voided by the foreclosure. SC is a judicial foreclosure state (takes about 4 to 6 months to foreclose after filing of the lis pendens, aka notice of default, at the courthouse). If I buy this house, is there a legal way to evict the tenant before the lease expires (April 2019) or get him out other than paying him to leave? I'm thinking of just paying off the mortgage and letting a friend buy it with my money to become the new 1st mortgage, then my friend letting me foreclose out the tenant. If the numbers are correct, there may be enough equity to do this and still make decent money. Or is there a better way? Thanks in advance. [link] [comments]  |
| Posted: 05 Dec 2018 09:01 AM PST I bought a house in WI through a turnkey rehab/rental outfit. They identify deals, rehab scope, manage the work, and get you connected with a property manager. I pay for the home and rehab costs and then refinance the home once it is complete. I live out of state. Before you jump down my throat about how risky this situation is, I understand that and I know several people who have gone through this process with this company and had good experiences. The contract with the actual contractor doing the rehab lists a start date in late Sept and a completion date in mid-Oct. It also specifies a $50/day late fee if they miss that deadline. This amounts to about $3000 now on a $25000 rehab. There was a small change order as part of the project ($500 additional work) but the contract was >30 days behind schedule at that point. My rehab costs are currently held in escrow and payment for the contract is scheduled to be 90% upon completion and 10% upon inspection. Given how late they are, I am debating withholding the $3000 from the 90% payment and releasing their full amount if the inspection is good. I should also point out that I want this project done right and am not hurting for this money right now. This is a 5 year investment so a month or two behind schedule is not a big deal for me. I want to maintain the relationship with the rehab group and possibly buy another property with them, but this delay is ridiculous. Next time, I will make sure the contractor puts accurate dates or I will call them in for every $ they are over. Why do contractors say they can have something done in 2 weeks when they have no intention of doing so? When is it worth it to call in a clause like this on a contract? [link] [comments]  |
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