Sellers accepted our offer, then pretended it doesn't exist and went with a higher offer. Real Estate |
- Sellers accepted our offer, then pretended it doesn't exist and went with a higher offer.
- IRS resuming processing of tax transcripts (4506-T).
- Where is the best place to buy a mansion?
- I'm a furloughed federal employee and looking to buy a home. What should I expect through closing?
- [IL] HELOC on an investment property?
- Sometimes it pays to do your own research
- House too big to sell...
- Fire pit and liability in rental?
- Seriously debating buying the house I'm currently renting. Are there things I should take into consideration?
- Guide for buying foreclosed homes?
- Pros and Cons of Bridge Loans
- Prefab home option
- Can someone explain to me the difference between leasing, renting, and buying?
- New to Buying - Need Help
- Question about construction load
- Home building - how to get $ / sf down
- How to drop real estate agent without being an asshole?
- Renewing a tenants lease
- What are things you would change in your real estate career?
- Advice for a Rookie?
- Questions regarding a scenario
- Pros and cons of buying investment property with 0% down?
- [Indiana] House is zoned R1 with a guest house built before zoning ordinance. I want to live in guest house and rent out main house. Then eventually rent out both.
- Can you purchase community property from a housing association to increase your lot size?
- Buying a sale by owner home without a realtor VT
| Sellers accepted our offer, then pretended it doesn't exist and went with a higher offer. Posted: 04 Jan 2019 08:01 PM PST Wife and I gave an offer on an expensive home which was accepted by the seller. Everyone signed. Our agent sent over final signed acceptance to their realtor, their realtor's transaction coordinator, her managing broker, title company, etc. I went and put in 20k of earnest money. Next day the seller's agent says they have received a higher offer, and because our realtor didn't send the final copy of accepted offer to his managing broker or something, our offer is null and void. They are now assuming they are in mutual with higher offer bidders. Our agent's firm is all over this. NWMLS is aware and has their lawyers involved apparently. I contacted a lawyer and he says to issue lis pendens then sue for specific performance. Are we in the right to do this? Should we proceed with specific performance or is that crazy? How long will this process take? We are very upset as this was a great house for us and we had an accepted offer with earnest money in with title company. Their realtor is being super shady. edit: In Washington state, our offer was for 807k, the offer they are trying to accept is for 829k. [link] [comments]  |
| IRS resuming processing of tax transcripts (4506-T). Posted: 04 Jan 2019 12:51 PM PST Internal email I just got: ORDERING TAX TRANSCRIPTS UPDATE Despite the continuation of the partial government shutdown, IRS will resume processing 4506-T tax transcript requests starting Monday, January 7, 2019. Please expect delayed processing times, as IRS begins to work through the backlog of 4506-T submissions from the last 2 weeks. (Lurkers: if this is relevant to you, you will know.) [link] [comments]  |
| Where is the best place to buy a mansion? Posted: 05 Jan 2019 03:57 AM PST In terms of county, city, state, and federal taxes? In terms of isolation/privacy and yet also proximity to groceries and other stores? In terms of size too? [link] [comments]  |
| I'm a furloughed federal employee and looking to buy a home. What should I expect through closing? Posted: 04 Jan 2019 02:31 PM PST My wife and I are moving forward with an offer on our first home, and our timing couldn't be better with this government shutdown fiasco. We have the funds for 20%, and are putting 10% down to have 6 months of living expenses plus other unforeseen costs available. PMI is super cheap ($30), and the difference in monthly expenses between 10% and 20% is pretty minimal. She does not qualify for a mortgage, unfortunately. Try as I might to convince her otherwise, she has no credit cards and never has owned a credit card, and her last credit activity was 4 years ago. Beyond that, our finances are rock solid and better than most due to years of planning. I am debt free, and she has some IRS and medical debt but nothing too crazy. I'll be the only person on the loan, but she'll be on the deed. Too little to late, but once this all over and done with she'll finally get one. The PITI+HOA+PMI is about 1/3 of my net pay, so her being on the loan wouldn't be all that important anyway - in normal circumstances. I have the option of filing for unemployment and I am considering not filing since the money isn't very much and we don't want to lose out on the house. My google-fu has told me that filing for unemployment during the closing period could mean financing could fall through in the 11th hour. The furlough has already lasted for two weeks (though I've been furloughed for just one week), and may drag on another week. I don't imagine it would drag on into next month, but the insanity of this admin knows no bounds. Our broker, who works with unions, understands the scenario but couldn't provide much in the way of advice or suggestions. Can you beautiful people provide any insight regarding what might happen when the lender goes to review my financing near the end of the closing period, and what I can do now to make sure I don't lose out? The shutdown could end next week or next month, so any insight is valuable. Thanks! [link] [comments]  |
| [IL] HELOC on an investment property? Posted: 04 Jan 2019 08:48 AM PST I rent out a condo in Illinois. It has been reliably rented for 6 years. There's equity in it that I would like to access. I think my best option is a HELOC, but many banks won't do a heloc for an investment property. Any tips or suggestions or advice for me? Specific banks to check out? Thanks! Edit: Thanks for all of the great advice, everyone! [link] [comments]  |
| Sometimes it pays to do your own research Posted: 04 Jan 2019 11:22 PM PST This is more of a rant. Moved to new city, got here and hit it hard looking at houses since we were in temp housing, living out of suitcases. After a few weeks, we found a place we like, offer accepted, inspection done and here come the HOA docs. Now, we had told the realtor from day one that we are looking for a home that we could rent out in the future. We even confirmed before we put the offer in on this specific property that the HOA didn't have any rules against renting. Realtor says we are good to go, he spoke with the listing agent who confirmed no rental caps. By now you know where this story is going. After receiving the CCRs and reading their leasing policy I shot an email off to the HOA board who confirmed that no rentals were allowed ( something I should have done from the get go). So here we are, back at square one minus the inspection fees. Not sure if I should be mad at myself, the realtor, the listing agent, but lesson learned, sometimes it's easier to do some of the groundwork yourself from the beginning. [link] [comments]  |
| Posted: 04 Jan 2019 09:11 AM PST I live in WA state and had my house listed for the last 8 months. Have had ~9 people come view the multiple times. The most common reason for not making an offer is "Too Much House". It is ~4250 S.F. FInished and another ~2500 S.F. unfinished. 4 Bedrooms / 4.5 baths. Currently well under $/SF finished of homes selling, but still a lot of house. Of course we have uncluttered so it seems even bigger. Is anyone else seeing a push to smaller houses? Any suggestions besides dropping the price? None of the feedback that we have we received is that we are overpriced, just too much of a good thing.... [link] [comments]  |
| Fire pit and liability in rental? Posted: 04 Jan 2019 07:00 PM PST I'm purchasing a home in Hawaii, which I intend to rent out for at least a few years before moving in myself (I already live in the area). There's a fairly large yard, and the current tenants have dug a fire pit in the center, away from all structures and trees. I'm considering leaving it--well, a nicer version of it--just because many of the rentals in the area have pits, and it would be an awesome feature. Still...fire...tenants... In case common sense doesn't intervene, anything I should consider as far as insurance/precautions? [link] [comments]  |
| Posted: 04 Jan 2019 09:02 PM PST I have never bought a house before and am just about to start the process. I'm hoping to buy the house that I've been renting for the last five years. When I signed my lease last year, my landlady mentioned that she was planning to sell the house after I moved out and to let her know if I was interested. The house works really well for me (walking distance to work, a good size for my needs, etc) and she mentioned a truly excellent price given the housing market in my town, and so I told her I'd like to talk with her about it. We're meeting on Wednesday to do that. (To be clear, this isn't a rent-to-own situation. I've been renting and I am seriously considering buying the house outright from my landlady.) I'm also planning to go to a bank on Monday to get pre-approved for a mortgage. I am confident I'll get one as I have a good credit rating and a very secure job (though also a lot of student loans). Mostly I'd like to see how much I am pre-approved for *before* my meeting with my landlady. The house itself is about 100 years(ish) old and is run down in a number of ways. But because I've lived here a long time, I have a sense of its quirks. It has an old heater that will need to be replaced likely within the next few years. There is a sewer pipe in the back yard that should be replaced, etc. I'll also obviously bring in an inspector as part of the buying process who can notice things that I just haven't. I guess what I'd love to hear from you is whether there is anything in particular I should (a) ask or (b) tell my landlady during my meeting. Also, would it still make sense to work through a real estate agent? I know the agent helps coordinate/do a lot of the paperwork, and so I'd imagine that it would be very helpful. But I don't really know how that would work if I've already settled on the house (and my landlady doesn't plan to hire a realtor, as far as I know). Finally -- because I have a longstanding relationship with my landlady and there's not a huge rush for her to sell or me to buy, do you think it would make sense for *her* to do some of the needed fixes (a new heat pump, etc) and then raise the price of the house accordingly or for her to sell it at a lower price and then for me to get a loan that would allow me to make those changes once I buy the house? Thanks for any advice you have about this! I'm both excited and absolutely terrified. [link] [comments]  |
| Guide for buying foreclosed homes? Posted: 05 Jan 2019 12:46 AM PST I am a new home buyer (potentially). My goal as of right now is to move into a home I could purchase and fix it up while I live in it and eventually sell for a profit. My background: I am a CWI/ICC inspector (specializing in commercial and government buildings), before that union welder (power plants). I am familiar and adept with all the neccessary trade work, except concrete. The reason why I am including my background is due to my ICC certifications I could potentially take a home that does not meet code and have it meet code through repairs etc etc. Now I have NO IDEA how to buy a home, the paperwork involved, basically I'm starting from the ground. If someone would please point me in the right direction I would be very grateful. Some other essential info about me: Annual income (conservatively) 80k (when I decide to chase jobs it usually spikes over 6 figures) Zip code I'm looking to buy in : 87114 (ABQ or Rio Rancho) My long term girlfriend will also be involved with splitting the monthly payments in half (she's her own woman and likes to take care of her share) so that does help me out. The reason why I mention my girlfriend is because would it be easier to buy a home if my status was changed to married? Would that be a smart financial move? Thanks in advance! [link] [comments]  |
| Posted: 04 Jan 2019 07:38 AM PST We fully own our current home and would like to move to a different area closer to work and college for the kids. We are thinking of getting a bridge loan so we can put a hefty down payment on the new home. We would like to be able to take our time choosing the perfect house, move, then sell the current home empty - we think it will sell faster/better that way. I'd like to hear anyone's thoughts or experiences on bridge loans, and whether this might be a good option for us. [link] [comments]  |
| Posted: 04 Jan 2019 06:41 PM PST I am thinking about putting a prefab home 220ft in my backyard.I want to have a space of my own so I can play music and it can be sort of a hangout space.What do you guys think is this a good investment? [link] [comments]  |
| Can someone explain to me the difference between leasing, renting, and buying? Posted: 05 Jan 2019 12:15 AM PST |
| Posted: 04 Jan 2019 05:35 AM PST We're 19, in Florida, and have averagely well paying jobs but the opportunity to move up through time. Sorry if this isn't the proper thread!! We're looking at apartments but also debating just getting a loan and buying a house but we, admittedly, have just about zero idea how that works. Neither of our parents or families were stable or smart with money so we don't have a basis to go off of, really. Is it worth it to buy a home? How does the loan stack up over time? Do you need credit for a loan or are there exceptions depending on the amount of said loan? Does it just get more expensive over time? Anything you could think to inform us of as we debate our options would be super helpful, thanks! [link] [comments]  |
| Question about construction load Posted: 04 Jan 2019 10:49 PM PST I am looking at building a house soon. I have spoken with lenders and getting approved for the mortgage after construction should be no problem, but i'm worried about getting approved for a construction loan. I've had my current position for ~6 months. I have been in the industry for 2+ years but this position with a new company was a large pay increase. The house will take 6-8 months to build. I have spoken with lenders and i know i can get approved for my load after being in my current job for 1 year and in the industry 2 years. I have 800+ credit score, I will be putting down 20% of the cost of the house, and the house will cost 2.5x my annual pay (It should appraise for over 3x my pay, so i should have 33% equity minimum after finalizing the mortgage). Before i go out shopping for a construction loan and have lenders ding my score I wanted to see if me only being at my current position ~6 months will prevent me from obtaining a loan? [link] [comments]  |
| Home building - how to get $ / sf down Posted: 04 Jan 2019 10:08 AM PST This isn't your usual "how much to build a house" post, so please bear with me. My wife and I have a few flips and rental properties under our belts, and are looking into building a home again. I regularly see estimates in the $250/sf range to build a custom, but not high end, house. What doesn't make sense to me is that I regularly see new houses built in my area that have to be in the $100-150 / sf range, because I know what the land cost and I know how much the homes sold for. So my question is, what am I missing? How do I get down below $200/sf? I've looked into modular/pre-fab but even with that I can't find anything below $220. [link] [comments]  |
| How to drop real estate agent without being an asshole? Posted: 04 Jan 2019 09:54 PM PST I am a first time home buyer and have been working with this agent for about a week now. They have been INCREDIBLY helpful and informative while going above and beyond. They a recently showed me a house that I am seriously interested in and they also live in that neighborhood. I was approached by a family friend who heard I was in the market and just offered to be my agent for free and not take a commission. Obviously this is a no brainer. How do I tell this to the agent who has been helping me without being an asshole since they showed me the home I will likely be purchasing and will live in that neighborhood (would be seeing them every day)? [link] [comments]  |
| Posted: 04 Jan 2019 03:10 PM PST I recently purchased a rental property with a tenant already renting. Their lease states they have the option to opt in for another year lease once there current one ends at the end of January that would honor all of the original terms. They are looking to renew. Do we need to sign a completely new lease or can I add on paperwork stating the original lease terms will continue. I am a rookie landlord so any help would be appreciated. Thanks [link] [comments]  |
| What are things you would change in your real estate career? Posted: 04 Jan 2019 08:58 PM PST |
| Posted: 04 Jan 2019 02:56 PM PST Im 21 and have only $800 in my name living in NLR Arkansas. I have an overwhelming desire to get into real estate investing and would like to know some of the best sources to learn all I need to know, like youtubers or specific books or very old Reddit forms I haven't seen. Could I get into making income now from real estate or would I need alot more money to start off? Also, what is the best online website to get my real estate license from? Any and all advice pertaining to the field is welcome as well. [link] [comments]  |
| Questions regarding a scenario Posted: 04 Jan 2019 07:59 PM PST Hey r/realestate, My Father outright owns a property that he lives in and wants to see if he can extend equity as an asset for a loan in purchasing my first house? I know he wants to help me out but here are a couple of things.
TLDR: is it even possible for a house in my Dad's name to gift me equity in his current house for a downpayment on a mortgage? Thanks! [link] [comments]  |
| Pros and cons of buying investment property with 0% down? Posted: 04 Jan 2019 07:37 PM PST Considering using a va loan to buy a home...probably a duplex , live in one side, rent the rooms out in the other. Someone in reddit was saying in was retarded or naive for wanting to use the 0% down payment option. Can any real estate investors lend some guidance? [link] [comments]  |
| Posted: 04 Jan 2019 10:09 AM PST Guest house actually shares a roof with the main house, although the permit filed lists it as a detached garage (apartment above 2 car garage). It's a corner lot, so both areas have entrances on different streets. It's a perfect duplex scenario. I have already called the city planning department and spoke with staff there who says that people in the city (Lafayette) do this all the time. But my concern is the area. Looking at their GIS map, I don't see any R2 zones in the neighborhood. Another thought would be a roommate scenario, where I just have a roommate who lives in the guest house. People say rezoning is complicated, but the city provides a guide on how to do it, what needs to be done, and how much it will cost. And the planner seems to think it won't be a problem, as long as neighbors are OK with it. But aren't neighbors ALWAYS the problem? Would the city rule in favor of an apartment that was built before zoning ordinance? Edit: I haven't bought, but I'm considering making an offer. Even renting out the house alone would cover the mortgage and then some. So if zoning didn't go my way, I would still break even. The risk I would take would be for pure profit. [link] [comments]  |
| Can you purchase community property from a housing association to increase your lot size? Posted: 04 Jan 2019 12:43 PM PST Google keeps giving me other HOA results, but I'm curious if you purchase a lot that backs up to woods/community property that's not in use, can you purchase land from the HOA to add square footage to a yard, or even just build a shed? I realize different HOAs and maybe even states will have varied rules for this kind of thing, but does anyone have any experience with it? [link] [comments]  |
| Buying a sale by owner home without a realtor VT Posted: 04 Jan 2019 06:06 PM PST Sorry if this has been answered before, but I can't seem to find any good info on this. I'm a first time home buyer and I'm looking at a house that is for sale by owner and I want to make an offer. I've been preapproved for an FHA Loan and I'm wondering if it's a good idea to forgo the a realtor and just work with a real estate attorney. I've read in a few places that you need an agent present for the inspection and appraisal, however other places say nothing about it and read like you don't need one. The state I'm looking in is Vermont if that's helpful. Any information or advice would be greatly appreciated. [link] [comments]  |
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