Need advice from agents - what is the right thing to do? Real Estate |
- Need advice from agents - what is the right thing to do?
- Buying my first house and my agent is trying to get me to sign a representation agreement that basically says she must represent me on all home purchases I ever make (I think). Is this typical?
- Sellers in breach of contract? Advice, closing in am
- Selling a former hoarder house
- Possible "rule of thumb" for "when to seek preapproval?"
- Showing house with or without furniture
- DISCLOSE YOUR STATE WHEN MAKING A POST OR IT'S USELESS TO PEOPLE TRYING TO ANSWER YOU.
- Am ready to rent... But what do I do?
- Is it worth buying an apartment/condo in Chicago Neighborhoods?
- Considering house flipping, has anyone who lacks knowledge and skills hired a contractor and worked with them to learn house repair skills?
- Planning on buying a home in 2 years. Should I sell money in index funds and hold as cash until then?
- Mom trying to sell her falling apart house
- Add Basement Square Footage
- [Milwaukee, WI] Using "Real Estate Lines of Credit," looking to learn more.
- Potential first time homebuyer, how hard is it get approved for a mortgage in NJ?
- House in SF with beetle infestation
- Buyer’s Lender Negligence
- Need a pep talk
- Advise on how to switch agents
- Short term rental application hurt credit score for mortgage?
- Lot next to abandoned rail road tracks
- What need to check before sign contract
- 1 week until closing. Change in financial situation
| Need advice from agents - what is the right thing to do? Posted: 20 Dec 2018 03:17 PM PST I'm looking for some advice from real estate agents, even better if it's agents in NJ. My husband and I have three two-family properties that we intend to put on the market in the first half of 2019. Our agent (Coldwell Banker) has become a very trusted and dear friend over the years, and of course, she'll get the listings. The tricky part is that she has a lot of personal stuff going on right now which means she's not the shark we're hoping for, as we're cashing out and trying to squeeze every last penny out of the properties. I can't think of any way NOT to give her the listings as it would surely mean the loss of our relationship. BUT - I do want to ask her for a reduction in her commission considering that she's getting three listings at once from us. Also, we referred two neighbors to her and one house just sold, and the other is under contract. Normally I would expect a finders fee, even a token amount, for referrals resulting in listings. I know the only time that I've broached the subject (a year ago when things were theoretical) she said that her company doesn't allow individual agents to lower their commission....or maybe I heard wrong? In any case, I'd love some feedback. Do companies really not allow agents to reduce their fees? Am I being cheap/entitled to think that I deserve a reduction? The three properties are probably worth a total of $1.5m to $2m. [link] [comments]  |
| Posted: 20 Dec 2018 03:50 PM PST I'm buying my first house and my agent, who is a wife of a coworker, wants me to sign a representation agreement that states "client will work exclusively through broker in acquiring property in the market area." I just see things going south. I've thought about purchasing rental / flip homes in which case an an agent wouldn't be necessary. Plus it's a coworker / friend situation. I'm just wondering what is "typical" for this situation. [link] [comments]  |
| Sellers in breach of contract? Advice, closing in am Posted: 20 Dec 2018 04:02 PM PST We are closing tomorrow morning. The sellers agreed to cut our company of choice a check at closing for $3600 for necessary repairs to the chimneys. They signed an addendum specifically stating the amount and the company they were to cut the check to. Instead, their real estate agent, who may be senile we've had some strange issues with him during this process, hired another company to complete the repairs. I had my company come out today and they said that not only was the work subpar, I will have to spend double the initial repair cost because the condition is so terrible. My company is licensed, bonded, and certified. They are now threatening to not show up for closing if the addendum isn't struck from the contract. Repair costs are estimated at $7-9k for the chimneys. My agent recommended delaying the closing, but I have two small kids and we have to be out of our house by December 26. Our movers are scheduled already, and this is a major holiday weekend. A delay means everyone goes on vacation until after we're homeless. I have asked that we all show up and hash it out at closing. Any advice on how to handle ourselves during this contentious closing would be much appreciated! We don't know if they will show. If they don't show, what happens next? [link] [comments]  |
| Selling a former hoarder house Posted: 20 Dec 2018 08:14 PM PST My uncle recently moved out of his hoarder house due to medical issues. Looking into options to handle the house. It is in very bad shape potentially needing to be demolished. Water damage, filled with trash etc. Do people ever buy these type of properties as is and do their own cleanup or is it better for us to pay a cleaning company before trying to sell and or have it demolished and just sell the lot? We are not wanting to do the repairs necessary to make it livable ourselves at this point. It is in Toledo Ohio in a less desirable part of town. I haven't personally seen the damage yet am trying to help my mom understand options from afar. They have lived in their current home for 45 years with no plans to move so are very out of touch with current practices. The "we buy houses for cash fast" sites I have googled seem so skeevy not sure if there are legit ones out there. [link] [comments]  |
| Possible "rule of thumb" for "when to seek preapproval?" Posted: 20 Dec 2018 02:35 PM PST Hi /r/realestate, This thread is mostly directed at other lenders, at real estate agents, other industry insiders, and folks that have purchased at least 2 or 3 properties within the last 3 or 4 years. Not so much directed at first-time homebuyers. "When should I get preapproved?" is a loaded question as we all know, and answers to that question are mixed. The only thing everyone probably can agree upon is that the day before offers are due is NOT the best time, that should have been done before you were even asking a real estate agent to spend time showing you houses. Some full doc preapprovals take 45 minutes from when the lender has all the paperwork and gets to it, some take two weeks. We're defining "preapproval" here as "the LO has all paperwork, and anything not 100% vanilla has been run past underwriting with a sign off in writing." We can quibble about definitions, but that's not the intent of the thread. For the non-lenders, an example of a two week preapproval.
So, with that in mind, here's my proposed "rule of thumb" that won't have vanilla people seeking preapproval 3 months out, but will have folks with complicated personal finance scenarios being more proactive and not missing out on the house they want. "Start with one week ahead of time. Then, for every schedule of federal tax returns beyond two, and for every derogatory credit event, add one week." This would have had my guy above get the ball rolling 4 weeks out, which would have been about right. For people with really bruised credit that need to be referred to credit repair folks, this might put them 4 months out, which is also about right. You will get some folks with one 30 day late from 2 years ago starting a week earlier than necessary, but that's no big deal. [link] [comments]  |
| Showing house with or without furniture Posted: 20 Dec 2018 11:15 PM PST Just wondering the pros and cons of furniture or empty house for showings. We are planning an international move so our move is more complicated. We can ship our furniture ahead of us and stay elsewhere. Our big issue is that our house is nice, but our furniture does not show it well. Also, we have a dog so want to keep cleaned carpets and floor dog smell free. Don't want to pay for staging. Thoughts? Does it really affect decisions around purchase? It was empty when we looked at it. Thanks [link] [comments]  |
| DISCLOSE YOUR STATE WHEN MAKING A POST OR IT'S USELESS TO PEOPLE TRYING TO ANSWER YOU. Posted: 21 Dec 2018 03:47 AM PST |
| Am ready to rent... But what do I do? Posted: 20 Dec 2018 07:41 PM PST So please explain to me like a kid what the heck im supposed to do now. The house is in downtown Colorado Springs, CO. I renovated it and it can rent for about $1000-1200. Rental options in the area are extremely,limited (70k people moved to Colorado this year, but only 30k houses/apartments were available) - so bad that the guy who delivered the new refrigerator is trying to rent the house. SO... What steps do I take to be an official landlord and find the right tennant? Im assuming ... 1: advertise the house? 2: receive inquiries? How do i weed out the good from the bad? 3: run a credit check? How? Whats the applicatuon process or legalities? Can I make them pay for it? 4: what kind of lease do they sign? The house is old (1923) and in a not great neighborhood. What are the lead and crime considerations? What are my liabilities and how do I mitigate them? 5: should I make an LLC? if so, how do I transfer my mortgage into the LLCs ownership? 6: anything else? [link] [comments]  |
| Is it worth buying an apartment/condo in Chicago Neighborhoods? Posted: 20 Dec 2018 01:38 PM PST I moved to Chicago three years and I'm looking to invest like 350ish into buying an apartment. Would you consider that a decent price for Chicago? After seeing Zillow and Trulia listings, I feel like that money gets very old and outdated apartments. And for really nice apartments HOA fees is more than 800 bucks which is way too much I am considering these neighbourhoods potentially Printer row, wicker park, logan square, noble square, Humboldt Park, Lincoln Park, Park West, Gold Coast, Old town, Lake view, Lake View East, Edgewater, Lincoln Square, Ravenswood and Evanston. Let me know your thoughts. [link] [comments]  |
| Posted: 21 Dec 2018 12:42 AM PST |
| Posted: 20 Dec 2018 10:48 PM PST I know the area that I'm living now in but will have to go through a year and a half of working elsewhere before I can truly settle. The job is secure and I know where I will be living after the travel. I have over what is needed for a down payment in index funds. Is 2 years too far in advance to pull cash out? Given the direction of the markets right now I thought it would be worth thinking about. Is there any guideline for this? [link] [comments]  |
| Mom trying to sell her falling apart house Posted: 20 Dec 2018 07:19 AM PST Trying to help my mom here whose struggling with selling her house. A lot of the foundation is starting to show cracks. Realistically the house should be valued at 170K but with the foundation of the house being completely shot, she told me she was considering using one of this sleazy webuyhomes for cheap bs. Whats the move here? She doesnt make much so she cant really afford major renovation to get the house up to snuff so she's considering all options. Does anyone have any expertise in this sort of thing? Thanks for reading [link] [comments]  |
| Posted: 20 Dec 2018 10:05 PM PST San Diego here. I live on a pretty steep hill (1200 ft) and my house is a corner lot on the side of said "hill". My basement is more that 75% ground level with regular sized windows and door to exit onto the back yard. Currently, the value of my home does not include the basement as it is not finished. I, however, plan on finishing a 17x9 section of it off. The plan is to include a spiral staircase from the above floor to allow access from inside the home. This will add approximately 150 sq. ft. Based on the aforementioned, is my plan worth it to increase value? [link] [comments]  |
| [Milwaukee, WI] Using "Real Estate Lines of Credit," looking to learn more. Posted: 20 Dec 2018 03:06 PM PST Hi everyone. I have been talking to a few investors in the city, and 1-2 mentioned using something called "Real Estate Lines of Credit," now I've heard of Home Equity Lines of Credit, but not "Real Estate Lines of Credit." I've Googled this term a bit there is only a small handful of videos online about it that I've seen. Can anyone point me to where I can watch/read more on the process? I have a modest amount of liquid cash and it seems like this could be a valid strategy, but I'm so in the dark on it that I really want to learn more about it. Any advice, thanks! [link] [comments]  |
| Potential first time homebuyer, how hard is it get approved for a mortgage in NJ? Posted: 20 Dec 2018 10:43 AM PST Very tired of renting, currently in Brooklyn. I work as a freelance Camera Operator and make between 70 and 100k a year. I have no debt. All from different companies and majority of my work happens from May - December. My GF soon to be fiancé makes maybe 50k and is also self employed (personal training and fitness instruction). She does have some debt but it's under 15k. My question is how hard will it be to get a mortgage in NJ without a "full time" job? We both really like the idea of a fixer upper and I know NJ offers rehab loans for first time homebuyers and I'm pretty sure those types of loans don't actually require that much of a down payment. By the end of next year I should be able to come up with about 20k for a deposit obviously would like lower than that. So any information about first time mortgages with non traditional incomes would be greatly appreciated. [link] [comments]  |
| House in SF with beetle infestation Posted: 20 Dec 2018 08:04 PM PST Hi all, we are first time buyers in the Bay Area and the process is overwhelming. We found a $780k one bed one bath in a great location (Noe Valley), we were ready to put an offer in but they got another offer three days after it went up for sale that they accepted, they said even if we went $50k over asking they wouldn't accept another offer. Now a couple weeks later, my agent let us know that they found a beetle infestation in the foundation during the inspection so the seller is looking for a 'back up offer.' She said if we put down $50k over asking they may be willing to accept. Apparently the work to get rid of the beetles will be $100k. This seems a bit risky right? I mean we don't know what kind of beetles they are, why they're there, how to get rid of them, etc. I feel like there is a lot of info I'd need to know before making any kind of offer. I'm also confused why they're looking for a back up offer if they current buyer is willing to pay asking? We told her we'd put down an offer at asking and she said they wouldn't accept that. Thanks for any info! We are quite clueless in this process but also risk-averse, am I correct that this seems very risky? [link] [comments]  |
| Posted: 20 Dec 2018 10:06 AM PST We have been under contract with a buyer since October (almost 3 months) and allowed our buyer to pursue a different lender since the first one was terribly slow. She was preapproved both times and now her new lender is telling us that she may not get the loan due to items THEY KNEW ABOUT BEFORE THE PREAPPROVAL. Is there any recourse we can take? We have wasted a lot of time and now it is a bad time to sell (December), we're probably going to lose the house we are buying, and will probably have to hire a realtor since we have moved out of state. [link] [comments]  |
| Posted: 20 Dec 2018 10:39 AM PST Our dream house got sold to an investment broker. I need some stories of buyers who's dream house was snatched away but ended up finding an even better house and it all ended up for the best. [link] [comments]  |
| Advise on how to switch agents Posted: 20 Dec 2018 05:38 PM PST I had an agent show me an apartment yesterday but after speaking with her I realized she is not very knowledgeable in condos or co-ops. I asked her if she had worked with anyone in that building and she said she had not. I am looking at a co op and I need someone knowledgeable to help me with the co op board because im also a first time home buyer. Yesterday she asked me to send her my taxes in order to run the numbers to see if i qualify. I sent her the documents yesterday and she said she would get back to me today. I have called her 2 times and texted her with no response. I'm afraid im going to lose the listing if she doesn't get on this fast enough. Would it be crazy if i try another agent? [link] [comments]  |
| Short term rental application hurt credit score for mortgage? Posted: 20 Dec 2018 05:20 PM PST We are moving in February and are planning to get a rental for 3-5 months between when our house goes on the market and when we close on a house in the new location. This weekend we will be looking at apartments to figure out timing for a lease. I realized that usually rental applications require a hard credit check, and I'm concerned that might hurt my credit score for the mortgage. When we purchased our current house, I had taken out a car loan 2 months prior and my credit score was a full 20 points lower than what it had been beforehand. That put us into a lower credit tier for our current mortgage. I'm guessing that this rental application will be submitted 3-4 weeks before we are looking for preapproval for a new mortgage. My husband and I currently both have 770+ credit scores so I might be being a little paranoid, but is this something we need to seriously consider and try to find an apartment that won't do a hard check? [link] [comments]  |
| Lot next to abandoned rail road tracks Posted: 20 Dec 2018 04:31 PM PST There's a lot I like next to some rail road tracks that are all grown over and haven't been used in decades. But I'm nervous it could someday be active again. [link] [comments]  |
| What need to check before sign contract Posted: 20 Dec 2018 11:08 AM PST i did go to department of building to check if there any violation, what else do i need to check [link] [comments]  |
| 1 week until closing. Change in financial situation Posted: 20 Dec 2018 05:02 AM PST I was expecting a gift to help put 15% down and all of the loan/paperwork was written under the presumption I would be putting 15% down. The situation has changed and am now only able to put 10% down. Is this going to be an issue with one week until closing date? [link] [comments]  |
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