Trying to sell possible litigation Real Estate |
- Trying to sell possible litigation
- Best State to Start a Real Estate Group?
- U.S. Residential Real Estate Markets are Peaking and Some Cities are in a Pricing Bubble, BH&J Buy vs. Rent Index Shows
- Best Websites for Finding SOLD Data on Multifamily properties?
- Reimbursing Seller for portion of repairs at settlement
- Tenant refuses to pay rent increase
- Who are neighborhoods owned by
- [MN] House next to ours has been abandoned for 2 years. It just got listed as a fixer-upper. We want to buy it and fix it up for my mom to move into or rent out if that doesn't work. What are some good ways to go about this? Details in text.
- How much did real estate prices go up relative to inflation over the years?
- How difficult is it to make a living as a realtor in a small town where the average home price is around $85,000?
- Mortgage broker not being honest with rates?
- (NYC) Upcoming Move-in to Apartment in Multi-Family home without a CofO. *5 Month Lease Signed* Advice??
- Sales versus development?
- Cash Purchases
- Secondary market mortgage investor doesn’t want my loan
- Title Company messed up?
- Seller question: My closing is this month. My town's Inspector is gone. How do I get a CO?
- PA - Buyer - Seller keeps missing appraisal, possibly on purpose.
- Refinancing
- Pavaso Digital Closing
- [CA] One Courses Left Towards Real Estate License: Escrow Fundamentals vs Real Estate Finance?
- (Seattle, WA) Questions from a First Time Home Buyer
- “No interior access”
| Trying to sell possible litigation Posted: 06 Dec 2018 02:25 PM PST My neighborhood cul de sac houses sunk about 12" after an earthquake. I have earthquake insurance no one else does. The quotes to repair are about 100k per house. The neighborhood has poor storm water drainage. There has been many request the city to repair by the neighborhood for many years. The cul de sac homeowners want to sue the city. I just want to have the house repaired by insurance then sell and get out. Do I just have to wait it out till the suit is completed? Is it unethical to just want to leave? Am I just stuck? Edit: City building inspector tagged all the houses in the cul de sac unfit for overnight habitation. Needs to be repaired before sell House value 200k [link] [comments]  |
| Best State to Start a Real Estate Group? Posted: 07 Dec 2018 02:01 AM PST I've been putting together the details of a real estate investment group. I am curious if anyone has incorporated or formed an LLC, and already determined the best state to hold that in. We're strongly considering Nevada due to their tax rates. Any other ideas? [link] [comments]  |
| Posted: 06 Dec 2018 02:01 PM PST U.S. metropolitan residential real estate markets are peaking and some cities are in another pricing bubble, according to the latest national index produced by Florida Atlantic University and Florida International University faculty. [link] [comments]  |
| Best Websites for Finding SOLD Data on Multifamily properties? Posted: 06 Dec 2018 11:11 AM PST My second week on the job. Being asked to find Sold com parables for large multi-family property in Texas. (as in 100+ units) This is the first time I've been asked to do this. I'm finding plenty of sites that show active sales, like Realtor.com. Co-Star is the only source given to me by the boss for Sold Data. Ten-X doesn't have enough data. (none in the area I'm looking) Are there are others? Noticed Redfin and The MLS don't have large scale multifamily properties of this type. My job, or certainly my first impression, might depend on how well I do this. :( So help MASSIVELY appreciate!! (what can i do to thank people?) [link] [comments]  |
| Reimbursing Seller for portion of repairs at settlement Posted: 06 Dec 2018 04:53 PM PST New Jersey. Settling Dec 17. Sellers agreed to do a $40-45000 repair (stucco) if we agreed to put up $15000 of it. We don't want to pay our $15,000 til closing / and the work being done. Real estate agent said we can "slip" them a check at closing for the $15000. I said isn't part of the settlement us signing a sheet that says no other money changed hands? He said yes, but it happens all the time. Other option is to pay the contractor the $15,000 directly at closing. This seems like the better option. Thoughts? Any other options we're not thinking of? [link] [comments]  |
| Tenant refuses to pay rent increase Posted: 06 Dec 2018 08:30 AM PST In the state florida of Broward county I have a tenant that refuses to pay increase. There is no lease. How do I go about evicting a tenant refusing to pay the rent increase? [link] [comments]  |
| Who are neighborhoods owned by Posted: 06 Dec 2018 09:10 PM PST Hey guys i literally know nothing about real estate but can neighborhoods be owned by like basically anyone? If me an average joe who was rich saw large land can i buy it and make a neighborhood myself or is there certain laws or rules for one to do that [link] [comments]  |
| Posted: 06 Dec 2018 07:22 AM PST The house is being listed for $109k. No pictures on the listing yet. We talked with someone and they mentioned a renovation loan. Someone else suggested a second mortgage on our current house. We bought our current house 4 years ago. [link] [comments]  |
| How much did real estate prices go up relative to inflation over the years? Posted: 06 Dec 2018 04:43 PM PST These days people commonly state that real estate and rental prices gone up too much these days, and that the housing stock is very expensive compared to the "good old days" particularly that investors(domestic and foreign) are buying large amounts of real estate thus driving supplies low and prices high. Though if we take a moment to compare real estate prices in 1980s, 1990s, 2000s, and 2010s in different metro areas and adjusted them for inflation. Did real estate prices or rents go up that much today compared to back in the early 1990s? one example is comparing a house that was $270,000 back in 1994, but is $788,000 today. [link] [comments]  |
| Posted: 06 Dec 2018 08:01 PM PST |
| Mortgage broker not being honest with rates? Posted: 06 Dec 2018 08:37 AM PST I locked in my rate with a Mortgage Broker on Nov 20th, at 4.6% with 0 points. She said that I could relock my rate for free if the rate fell more than .25% lower than my current locked rate. After all the stock market insanity, I asked today what the new rates were, and she stated that it was still 4.6%. Is there a way to tell if she's being honest? Isn't her job to find me the best rate possible? I am currently 2 weeks from closing, so I can't switch lenders now. Am I just stuck at the current rate? Edit: 0 points [link] [comments]  |
| Posted: 06 Dec 2018 05:55 PM PST Hi guys, First time posting on Reddit, but I've been reading up as much as I can over the past few days. I am a college student and speak on behalf of myself and two roommates. First, some backstory: Just over a month ago, we entered a short-term (five month) lease for a second-floor apartment located in a newly renovated multi-family (2 unit) home in the Bronx. The reason for this short lease is that we plan to move into a higher end, brand new space with three bedrooms & 3 bathrooms, but needed a temporary place to stay off-campus for Jan-May. Fortunately (and unfortunately) while the second apartment was not scheduled for completion until February or March, it is now 99.9% complete and we have been offered a mid-January move in. Of course, this new info has us wanting to settle a release from the first lease so that we only have to move once, not worry about furniture fitting in one place but not the other, among other reasons. This leads me to where we currently stand. Even though we aren't scheduled to move into the first short-term apartment until January 1st, the Landlord has not accepted our offer to pay for nearly HALF of the total cost of the lease as a settlement for our release. Of course, while they explained that they would attempt to re-rent, reduce our liability, etc. let us be honest; this place is unlikely to rent until May or June when most college students move off. I understand that the landlord is within her legal rights to hold us to the lease, but this seems incredibly unreasonable. We are still a month away from even getting the keys! However, in my effort to learn about potential ways for this release to happen, I researched the status of the unit and building. What I have found is a legitimate concern: the building does not have a Certificate of Occupancy. Built in 1888, it underwent a COMPLETE renovation in 2016. In this renovation, the owner converted the first floor and the lower (basement? cellar?) into a duplex. They added two bedrooms in the basement, and one on the main floor, making the total bedrooms in that unit six. In the upstairs unit, records indicate a three bedroom, so it must have been converted into five bedrooms during the same period. Of course, the most significant problem here is the illegal basement, and fortunately, during an unrelated inspection by the DOB one year ago, it was discovered, and a violation served. However, one year later, their violation remains unpaid. Since the owners have not made corrections, the building does not have a Certificate of Occupancy. While illegal, it appears that I am not automatically off the hook from the lease, but does the fact that I haven't moved in give me any advantage here?? I don't think the additional bedrooms in our unit were properly documented with the city either, so it might be possible that both apartments are in direct violation. Too soon to tell. I'd love to offer the landlord the option to release me from the lease, and will still even pay my original offer, but if their answer is "no," what are my next steps? Thanks so much! [link] [comments]  |
| Posted: 06 Dec 2018 04:14 PM PST I have two job offers from two different companies. One is a quickly expanding commercial real estate company that does sales, financing, advising, etc. The other is a small real estate development company that specializes in affordable apartments. The first company is offering me a sales position in LA selling large multi family properties. 100% commission but it's a stable growing company. I have enough money to stay afloat for about a year and will have a roommate. The second company is offering me a entry level development position in Atlanta. (I'm currently finishing up a development internship with another small company). $55,000 to start. Just looking for some advice from those in either industry. Any input is appreciated. [link] [comments]  |
| Posted: 06 Dec 2018 03:45 PM PST I suspect the number is low, but how many of you buy real estate using cash and avoid loans? I know a lot of people like to take out loans so they can buy more real estate, but the advantage of cash is that you don't lose money paying off the loan and interest plus MUCH less risk of having mortgage or loan that can't be repaid if times get tough and you avoid a foreclosure or losing all of your investment. [link] [comments]  |
| Secondary market mortgage investor doesn’t want my loan Posted: 06 Dec 2018 02:57 PM PST I am the buyer on an accepted purchase agreement for a home that is outside of city limits. In order to avoid city annexation of property, the current owners re-platted the property into three lots, set up a condo association, where they are the only members, and filed the new master deed with the Register of Deeds. Two of the three new lots are zoned commercial, and the lot the home is on is zoned residential. we are buying the whole property. The loan we are approved for with our bank has been denied by two secondary market investors (Franklin and Flagstar) due to the property being zoned both commercial and residential. Is there a way to get this loan to the secondary market so I don't have to finance using the bank's less favorable portfolio loan terms? Side Note: How is it possible for 2008 to happen in the mortgage business yet a slam dunk deal like mine for the banks is questionable... [link] [comments]  |
| Posted: 06 Dec 2018 02:54 PM PST On the documents we signed at our Title Company, "amount due to seller" was 25k. It was an after hours signing so they wired the money into our account the next business day. It was 2500 short. They said that they sent an overage by accident (the girls 'missed' the updated pay off amount) (had to move closing 3 times) (so we continued to make mortgage payments) to the mortgage company and that the mortgage company will refund us the difference plus escrow. So I called the mortgage company to update my mailing address and confirm 2500 plus escrow to be refunded and they said they will only be refunding an overage of 800 plus escrow. I confirmed the total payoff amount is the same from the title company what they sent and what the mortgage company recieved. I called the title company and let them know that the mortgage company is not going to refund what they the title company said they will. The lady said something to the effect of 'well we can control what the mortgage company does'. Neither will budge and neither are taking the time to walk me through the math. I feel someone's is wrong. Also, the title company has not sent over my closing documents like they said they would. I know I signed for 25k amount due to seller at the title company because I took a picture of it. And I only have 23500, will only get 24300. What can I do? This was a private sale no real estate agent. Oklahoma. Hope this makes sense! [link] [comments]  |
| Seller question: My closing is this month. My town's Inspector is gone. How do I get a CO? Posted: 06 Dec 2018 01:26 PM PST Hi all, Some great info in here. Hoping to get some advice for my situation. My buyer has scheduled the closing on our property for the 21st of December. When I called the town municipality regarding a Certificate of Occupancy, I was informed that their Code Enforcement person who does CO inspections is gone and they don't know when they are getting a replacement. My property was last issued a CO just over two years ago and there's been no construction on the property since. What can I do? This is a second property on which I am paying a second mortgage while living in a primary home elsewhere. So any delays are going to cost me more money. Is there something I can do to close on time? Thanks in advance for any help! [link] [comments]  |
| PA - Buyer - Seller keeps missing appraisal, possibly on purpose. Posted: 06 Dec 2018 12:08 PM PST I am trying to buy a house in PA. Long story short the seller has missed the 2nd appraisal attempt today. Closing was supposed to be the 17th. I have a suspicion that they are missing the appointments on purpose. The seller is also trying to purchase a new home at the same time. After the first missed appraisal we found out that the house they had under contract fell through. They found a new house and are (were?) under contract. They asked us late last week to move closing to the 31st. We were debating it but wanted to see the appraisal report first, as we need an FHA loan to buy the house. The 2nd appraisal was supposed to have been today but again the appraiser showed up and no one was there to let him in. The appraiser has now said that he will not go back. We now need to pay another appraisal fee and find a new appraiser. On top of this the condition of fixing some of the issues found during the home inspection has a decline of Monday the 10th and we only have 1 of the 6 issues addressed so far. It is looking like the seller is going to breach the contract due to the home inspection items not being addressed and them not letting the appraiser in to find out what, if anything, needs fixed for the FHA (we also have a condition that the house appraised at a certain price). We have had other issues like crazy counter offers and them taking their sweet time getting back to is for anything. My wife and I really like the house and want to buy it but all of this aggravation is getting too much. I plan on making formal complaints to the Realtor association once everything is said and done (weather we walk or complete the purchase). What, if any, other recourse do we have? I am for sure going to get the now $300 for the extra appraisal dispatches back from them at closing at the least. [link] [comments]  |
| Posted: 06 Dec 2018 11:43 AM PST The time has come to refinance one of my properties here in Canada. I am currently with TD who is offering me the following rates: 2 year fixed – 3.37% 3 year fixed – 3.42% 4 year fixed – 3.68% 5 year fixed – 3.62% With the way that the economy and the interest rate hikes are going do you think a fixed rate around 3-4 years is the way to go or a variable rate mortgage? Any insight is much appreciated. [link] [comments]  |
| Posted: 06 Dec 2018 11:13 AM PST Has anyone in our community used this software to facilitate paperless/digital closings? [link] [comments]  |
| [CA] One Courses Left Towards Real Estate License: Escrow Fundamentals vs Real Estate Finance? Posted: 06 Dec 2018 11:06 AM PST I have one more community college course to take for my CA Real Estate License. What's going to be more valuable to me right now? Real Estate Finance or Escrow Fundamentals? I think Real Estate Finance would be interesting, but understanding Escrow process is key. [link] [comments]  |
| (Seattle, WA) Questions from a First Time Home Buyer Posted: 06 Dec 2018 10:41 AM PST Hi All! " Most buyers will get a pre-inspection before bidding on a house; this is a $200 to $300 walk-through with a licensed professional who will assess the home's basic condition — and that is all you'll have time to do since homes sell quickly. In the 30 or so days between when a seller agrees to accept your offer and the deal closes, you can have a much more thorough inspection that would reveal the full extent of problems in a house. This is particularly important for older homes. In the past, a detailed inspection that showed the roof needed $10,000 in undisclosed work might have yielded a renegotiation to lower the sale price; now, however, to be competitive most buyers must "waive" the inspection contingency, meaning they'll pay the full price no matter what the inspection turns up. This is can be a huge source of anxiety for buyers who may not fully know what they're getting themselves into." as well as " Washington law mandates that sellers must provide a title to the home, listing some vital stats on the property. If there's a surprise in the title — like unpaid property taxes or a driveway that's actually shared with a neighbor — a buyer can back out or renegotiate the price. Sellers do not want to deal with this uncertainty, though. Most buyers now must "waive" the title contingency, meaning they can get a title full of surprises and have no recourse. A dive into public records databases can reveal some of the things that the title would unearth, however. "I can never advise" waiving all those contingencies, Jaime Stenwick, a RE/MAX broker in Seattle, said. "But I have to tell them their offer is probably not going to be accepted if they don't." source: https://projects.seattletimes.com/2018/how-to-buy-a-home/ Does this sound right to anyone in the Seattle market? Any advice would be greatly appreciated. [link] [comments]  |
| Posted: 06 Dec 2018 10:10 AM PST Beginner in RE here just trying to educate myself. I just saw a listing for an as-is home in Ontario that the seller noted needs substantial work and has "no interior access" "as per" the local municipality. What does this mean? The house looks normal from the outside - how much of a wreck is this bound to be? TIA [link] [comments]  |
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