Tenant of a house in the process of foreclosure. Real Estate |
- Tenant of a house in the process of foreclosure.
- Who can attend Home Inspection? (NC)
- Girlfriend and I are splitting, own house together, what are the options?
- Expensive mortgage on investment property. Refi or not?
- Asbestos Siding on house that I'm under contract for, issues with insurance...
- Buying first home together. Would like some advice on our unique situation. Is this a good or bad deal?
- Discovered Unpermitted Addition During Repairs
- Condo problems
- Is there a strategic reason for listing agent to tell us about seller personal situation that seems to give us an advantage?
- Looking for insurance advice
- [NJ] Signed contract, locked rate, got rate regret, should we switch?
- Should I believe this unique deal on Trulia, or is it a scam?
- Good offer advice (first time home buyer)
- Should I use a buyers agent when purchasing my first co-op?
- First time home buyer - any gotchas?
- Bare Land Condo
- Best Market for 2019 Investment Property
- Crowdfunding With The Blockchain – Is it The Future of Real Estate Investing ?
- Hubzu and listing price questions.
- Is it worth finishing my basement (in terms of home value/equity) when there are no windows and the house is already 4Bed/3Bath?
- Does anyone have a problem with their listings being misrepresented by Zillow..?
- What is this wire rack hanging near floor level in nearly every room of a home?
- Pre-approval - do I wait for tax documents?
- Out of state Airbnb owners?
- Instinct vs Rational
| Tenant of a house in the process of foreclosure. Posted: 08 Jan 2019 01:21 AM PST So I'm the tenant of a house in the process of foreclosure and as tenant of many years I'm interested in purchasing the property and have a few questions: -As a tenant, do I have the unique ability to contact the lender directly to make an offer? Or do I have to participate in the auction like everyone else? I've heard varying opinions on this. -According to many sources, the house is either in pre-foreclosure status, or has already been foreclosed. However, I have not received any notice of the foreclosure whatsoever. Is something wrong here? -Am I still obligated to pay the rent for the time-being? I have not talked to the landlord about this as this is all new news to me. I found out through public records online. Thank you. [link] [comments]  |
| Who can attend Home Inspection? (NC) Posted: 07 Jan 2019 04:06 PM PST I am currently under contract and scheduled the inspection of the home for today. I was unable to attend because of work, but had asked the inspector and my realtor if my father could attend in my place. (My father will probably be co-signing with me) They had no issues with my father attending. 10 minutes into the inspection, my father received a call from my realtor telling him to leave the property, the sellers daughter had witnessed him enter the house without a realtor present and wanted him out. If i am paying for the inspection shouldn't I or my representative be able to attend? [link] [comments]  |
| Girlfriend and I are splitting, own house together, what are the options? Posted: 07 Jan 2019 05:13 AM PST I'll spare all the details, but my girlfriend of 9 years and I are splitting. We bought out house together about 3 years ago, so this wasn't some quick decision we jumped into. Basically she's going to leave the house one way or another, whether that leaves me with it, or we sell it. What are the steps and what is necessary for me to take sole ownership and take her off of everything. Our relationship is still good, so it will be no issue doing whatever needs to be done, but neither of us have a clue where to begin. [link] [comments]  |
| Expensive mortgage on investment property. Refi or not? Posted: 07 Jan 2019 04:32 PM PST Have a 30 yr mortgage at 5.6% and about 9 years in. As expected, I'm still paying way more interest ($900) than principal ($400) per month. I can refi into a 15 yr at 3.75%, which immediately changes that to about $625 / $ 825. Of course there will be closing costs involved, but even in the first year I'll gain an extra $5,000 in equity and only have a $150 per month higher payment. For a personal residence this is a no-brainer. What am I missing that changes this for an investment property? I get that I will have higher net income on the property, so I will be taxed on that. [link] [comments]  |
| Asbestos Siding on house that I'm under contract for, issues with insurance... Posted: 07 Jan 2019 02:03 PM PST I'm under contract with a house and while trying to find insurance for the house it has come to light that the house has Asbestos siding (this was not in the disclosures, not going to say it was an intentional omission but...) Turns out that trying to insure a house with Asbestos siding is proving difficult. Multiple insurance companies have flat out refused to insure the house, others have said they will insure it but they will in no way insure the siding (how the heck does that even work?) ... I have one company that is willing to insure everything so far, but when the siding was switched to Asbestos Cement based siding the "Rebuild Cost" jumped nearly $45k (a 14% increase) The fact that I'm having this issue with insurance has blindsided me a bit. I'm really struggling to think of how I should approach this. I've been in touch with my Realtor about this and she is reaching out to the selling side to see if they have any information that might change what I'm seeing, so I guess I'll see what that comes back with, but seriously never thought that the houses siding would be such a big deal in this transaction. Anyone else have any experience with this kind of thing? [link] [comments]  |
| Posted: 07 Jan 2019 09:17 AM PST So my wife and I are finally buying a home together. We have been trying to for years. The house we are buying we are currently renting and renovating from her family. It is a farmhouse built in 1908. Everything is great in the house expect the upstairs bathroom. Future plans involve taking down a wall in the master. Adding a shower and double sink, a door thats attached to the existing small upstairs bathroom and renovating that bathroom. On our dime. Also, in the shop the boiler room and heated floors need some work. Of which the family agreed to pay for. Okay so here is a rough draft of the contract so far. $300,000 buys 1.3 acres, the house, and a shop The shop is a 2 car garage, small woodshop, butcher room w/ wall in freezer and a bathroom. We are located in central Washington state. Close to Leavenworth. The only gripe I have is that the family wants an agreement to buy the house back for the same $300k we bought it for if we ever decide to sale it. I understand that to an extent because it is in the middle of their orchard and it would be weird to have strangers ever live there. But can't there just be a first right of refusal rather the deal they want? With the agreement they want I would not feel like improving the house would be worth it. We never plan on selling the house if we buy it. It is where we want to be. I am managing the orchards and already renovating the house like we own it. Any thoughts on this situation? Thanks for taking the time to read this. I know this community is way more educated than I am with real estate. [link] [comments]  |
| Discovered Unpermitted Addition During Repairs Posted: 08 Jan 2019 03:12 AM PST Ok bear with me because this is a doozy. Bought my first house in 2017, it's a 50s era house in Dallas that had gone through a full interior remodel, HVAC added, etc by the house flipper I bought it from. Fast forward to now, and there's been two main issues. One, I ended up replacing the sewer lines at a cost of $17k because they were super broken from tree roots and old age. Two, I've had a persistent issue with flooding in my Master closet. During the sewer line replacement, the crew noticed the foundation for that back closet and bathroom were totally different than the rest of the house. The flooding finally got bad enough to address, and after various attempts to get to the bottom of it, it's been concluded that it's something to do with how it's built. Went to pull the permits on the work and surprise! There are no records of this addition with the city. I'm going to the office today to see if I can nail down when exactly this became a 3/2 house but currently, no idea. In that process, I found out the original permit to do the interior remodel was filed under a homestead exemption. Finally, we get to the seller's disclosure. They said they weren't aware of additions which is a lie because I stayed cool with their contractor and he repeatedly mentioned that there were additions from a previous owner. They also said they had never lived in the house, which I believe would invalidate the homestead exemption the permit was filed under. There's no way in hell they could've not known that was an unpermitted addition, as anyone who has worked around that foundation can spot it, and they had had foundation repairs done, including in that area. So, what could they possibly be on the hook for here if I chose to take them to mediation as required by our contract? I've sunk about $25k in work plus hundreds of hours of my own time doing repairs into this house over the last 1.5 years and for a 24 year old it's breaking my heart to have this happen, but I'm worried about this affecting resale value/ the costs if the city finds out and it has to be torn down. Any advice is very welcome! [link] [comments]  |
| Posted: 07 Jan 2019 03:46 PM PST We inherited a condo in an older building in a highly desirable area, and have a tenant who is quite pleased to live there. The building has problems with rust in the balconies and work was started with the repairs. But some residents were opposed to the repairs and denied access to the contractor, who has now stopped work and will not be coming back. The association, board and a few residents are all so at odds (think slapstick comedy level), that it looks like work will never be continued, much less finished. A number of these owners are also non-resident investors. Here are my questions to you knowledgeable RE folks: 1) What could be the possible benefit to an owner of denying repairs? 2) What happens when a condo building is declared unsafe to live in? Is there anyone who could possibly benefit from such a scenario. [link] [comments]  |
| Posted: 07 Jan 2019 04:50 PM PST There are no issues from this (for us), so it's more out of curiosity. We're in the inspection period and our agent just sent us an email letting us know that we should ask for max concessions because the listing agent told her that the sellers are: 1) going through a divorce, 2) both are holding a second mortgage, and 3) they are both eager and anxious to get the deal done ASAP for both financial and personal reasons. While we obviously appreciate the information for our sake...it seems a bit crappy of the LA to tell us this? Curious what the agents out there think: Is there a good reason that an LA would reveal this information or do you think it was an odd choice? I suppose they may want to communicate that they're amenable to what's needed, but it still feels like giving up a lot of information to us for little benefit to them. We won't be taking advantage of it beyond asking for concessions that we think are reasonable and fair based on the inspection report, but there's no way the LA could have known we're decent enough people. So what gives? [link] [comments]  |
| Posted: 07 Jan 2019 09:27 PM PST I have multiple policies and over the last 5 years with increases I'm paying just short of double, what I originally started with, but I have the same coverage. I have one house with Nationwide which is basically the same rate I used to pay and the rest are with Lloyd's of London, I'm looking to see whom you use and specifically if they have multi-policy discounts. TIA [link] [comments]  |
| [NJ] Signed contract, locked rate, got rate regret, should we switch? Posted: 07 Jan 2019 02:26 PM PST We are a little bit less than a month out from closing (do not have exact date since it's a new development and still waiting on CO), and we are having major rate regret. We originally went with Chase, who we've banked with for years, because of the convenience and their offer of credit card points. At the end of November, we locked the rate, to be expired on Jan 28, at 4.75% with 1/8 point. We've been bugging our broker for weeks about a lower rate and he kept saying it's not low enough yet for us to renegotiate, but will keep us posted. I now think maybe he's just dragging us out so it'll be too late for us to switch lenders. We decided to get new quotes from Better Mortgage and BoA, and received significantly lower rates, with Better Mortgage at 4.375% with about $800 of points, and BoA ridiculously low at 3.875% with no points, provided we open a free checking account at BoA with no minimum balance. We don't intend to actually consider Better Mortgage, but BoA's rate is really attractive. Their fees are a little higher though (a couple hundred), and we'll be missing out on 75k points for our Sapphire Reserve card (around $600-700 worth, we travel often so we usually redeem for flights or hotels). We've already paid Chase $500 "Good faith estimate fee", whatever the heck that is. We haven't paid for anything else so far. All in all, it looks like we may lose around $1500-2000 in cash up front with BoA, but will save around $200 per month with the lower rate. It looks pretty straightforward to us that we should switch to BoA (assuming Chase can't match), but is there any hidden expenses associated with switching lenders that I may not be taking into account? [link] [comments]  |
| Should I believe this unique deal on Trulia, or is it a scam? Posted: 07 Jan 2019 11:20 PM PST I found a house for sale for $35k and the seller says that their family owns multiple properties in the area and sells one each year to a first time buyer for under $50k. I must deposit $7k to their escrow agents account (which is refundable), as a deposit, and then pay a set amount over the next 5 years to pay it off. Is this deal a scam? Please help! [link] [comments]  |
| Good offer advice (first time home buyer) Posted: 07 Jan 2019 07:26 PM PST Hi, So I am putting in an offer for a condo tomorrow that doesn't have a ton to fix (that I can see) just needs some updating. No stainless steel in the kitchen, nothing fancy in the bathrooms. It's been taken care of and the paint jobs are nice. They have been on the market 40ish days and they are now listed at 199k. They did some window updates roughly 10 years ago and they are not sure how old the HVAC is since they bought the place 13 years ago and it was already there. They are giving one of those home warranty's for a year. I looked at Zillow and Relator.com with what has sold in the area one is pending at around 190k, one sold with a fully updated kitchen and bathroom with custom features for 200k, and one sold with a new hot water tank/HVAC at 160k. What would be a good first offer in your opinion? I'm told they are motivated to sell. [link] [comments]  |
| Should I use a buyers agent when purchasing my first co-op? Posted: 07 Jan 2019 06:20 AM PST Currently live in NYC and planning to buy my first co-op. I'm in a toss up whether or not I should use a buyers agent. If I ask a person who works in real estate, they say to use a buyers agent but if I speak to a person who invests in real estate or just homeowners, they say it's not necessary. Of course, I'd imagine that the person who works in real estate would say to use a buyers agent so that they'd earn commission... I hate dealing with real estate agents, car salesman, or any salesman at that... GROWING UP SUCKS... [link] [comments]  |
| First time home buyer - any gotchas? Posted: 07 Jan 2019 01:43 PM PST Okay. First time homebuyer and I've read through a lot online and here on reddit seeing what else I've missed but decided to check in with you guys to see. I've been preapproved for a 30yr fixed at 4.875% putting 5% down on 225,000. I've set aside an additional 5,000 liquid cash specifically for moving in or other issues. Currently making about 90k credit score of 728. Credit card debts under 20% with a free 40,000 in limits. I also have a small 6k liquid cash safety net in place for myself as well. With us moving from a 1bed Apartment to a home we should be good to go on moving. I know I'll need a strong inspection, and plan to negotiate appliances with any home we look to purchase. What are some gotchas I should look out for. Much appreciated Edit - Fort Worth Texas area. [link] [comments]  |
| Posted: 07 Jan 2019 06:36 PM PST Looking at building our first home. We've found a lot in our town that is a Bare Land Condo. It's in a pretty nice neighbourhood. 29 other owners (or 29 total. I wasn't clear) in the development. When I asked what the deal is I was told: "There is a $50.00 per month condo fee which covers snow removal on the street and contributes to a condo reserve fund." Is this typical? Just the $50? Only for snow? Would there be possibility of an increase or extra costs? What about resale? Would people turn away based on this? I know it has made us hesitate a bit. The lot is perfect and in a great area but just yesterday we had never even heard of a Bare Land Condo. Any insight is appreciated. [link] [comments]  |
| Best Market for 2019 Investment Property Posted: 07 Jan 2019 10:17 AM PST Hi all, If you had to select one market in the US to purchase an investment property, what city would it be and why? I am interested to hear what everyone says and their reasoning behind it. [link] [comments]  |
| Crowdfunding With The Blockchain – Is it The Future of Real Estate Investing ? Posted: 07 Jan 2019 10:03 PM PST Crowdfunding With The Blockchain – Is it The Future of Real Estate Investing ? https://www.youtube.com/watch?v=QJd3QM1D92w What are your thoughts on this? Is it a scam or something revolutionary ? [link] [comments]  |
| Hubzu and listing price questions. Posted: 07 Jan 2019 06:17 PM PST Hello, I have recently found a home that is a foreclosure. On realtor and all other sites it is listed for 193k. But when I went to look at the property it was foreclosed and only needs a little bit of work as far as I can tell (carpet/hard wood) in a couple of rooms, paint the walls and a couple of doors. So nothing major. Why are listing places showing the house for 193k, yet hubzu has the auction starting at 139k (reserve not met). Its sold as is, if I win the auction can I have an inspector check it out afterwards and back out of the deal if more work is needed than originally thought? This is in Sussex County DE [link] [comments]  |
| Posted: 07 Jan 2019 06:11 AM PST It would most likely be a furnace room, two rooms, and a large living room from the quotes I've been getting from framers. With all the quotes I've been getting, it looks to be around a $10-12k job. How much value will this truly add to the home? The house was purchased last year for $360k in Minnesota. [link] [comments]  |
| Does anyone have a problem with their listings being misrepresented by Zillow..? Posted: 07 Jan 2019 08:16 AM PST Two of my office listings in the past day are being represented inaccurately.. one mobile home my brokerage is selling is being represented as the elderly village itself sales department's listing. They called to tell me Zillow has them as the sellers but they arent listing it. They are getting calls on it..! Another listing is being shown as an entirely different house with different, obviously inaccurate, features.. what can be done about this? Also. Zillow usually shows up first online when searching for properties... this is very misleading to people who select zillow and are then turned off by the misinformation and dont do more research into the property. [link] [comments]  |
| What is this wire rack hanging near floor level in nearly every room of a home? Posted: 07 Jan 2019 02:44 PM PST Another redditor posted this mystery thread, and now my curiosity won't stop. I thought realtors might be the super heroes here with the inside scoop on what the heck this is: Ever seen something like this installed in nearly every room including the kitchen? [link] [comments]  |
| Pre-approval - do I wait for tax documents? Posted: 07 Jan 2019 04:23 PM PST Should I wait until I get my W-4, etc., to start the pre-approval process, or does it not make a huge difference? As background, I was going to start looking in a couple of months once I got my tax refund, but my roommate just told me their moving in with their partner. At this point, it doesn't make sense to find a new roommate, but I'd rather minimize the time I spend paying full rent (I'd rather be either saving toward a downpayment or paying my own mortgage). I want to get started ASAP, but since I'm buying by myself, I need as much flexibility as possible with the mortgage and don't want to shoot myself in the foot. I'm making about 5% more than I was last year. [link] [comments]  |
| Posted: 07 Jan 2019 04:14 PM PST Hello, been looking into getting a property near the beach and renting out Airbnb style...or at least try to. However, I'd be wanting to use a property manager for this as I couldn't be out there washing sheets and stuff every weekend. I'd assume since this is more labor intensive for a property manager do they charge more than 10% ? And what do you calculate are monthly expenses for a sort of maid service? Any help would be greatly appreciated. Thank! [link] [comments]  |
| Posted: 07 Jan 2019 07:30 AM PST Have you ever looked at a deal and rationally, you think it's a good move but your gut tells you no? And have you ever questioned the logic but just had a feeling it was a good buy that was going to work out? I've had both, and I wonder if anyone pays credence to one over the other. How did it work out, in the end? Did your instinct or rationalization fail when you ignored the other? Or, do you only do a deal when both line up? [link] [comments]  |
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