Update to "Closing Tomorrow buyers asked to move in early" Real Estate |
- Update to "Closing Tomorrow buyers asked to move in early"
- Got myself into a bad situation
- What are the benefits of creating a real estate holdings LLC?
- Are shelves considered a fixture?
- South Carolina Real Estate License
- FHA loan proof of income
- Repairs or Credit - 3 weeks to closing
- What should I look out for when looking at Short Sales? [ NYC]
- Rental property for sale, but I’m concerned about long term investment
- US Govt shutdown = no 4506-T form?
- Qualifying for Mortgage - Leave Without Pay Status
- Passed My FL Required Real Estate Classroom , But Now How Do I Prep For State Test???
- Itemized Costs in New York
- Jumped the gun with original offer--inspection is tomorrow
- TAX QUESTION!! PLEASE HELP!! FREAKING OUT!! (FL)
- Real estate not updating web listings
- Can someone help me understand the discrepancy between (relatively) low median household income and extremely high home values?
- What Was The Easiest Listing You Have Ever Done?
- FL - Terminating agreement with rental agency
- Is it a bad idea to buy a house in a city you plan on moving to?
- Found out that Townhouse foundation is sinking during inspection-what to do?
- Home Inspection Results
- First Time Home Buyer questions
- Has anyone ever tried "The Smith Manoeuvre"?
| Update to "Closing Tomorrow buyers asked to move in early" Posted: 02 Jan 2019 01:34 PM PST Update to this post from last week: https://www.reddit.com/r/RealEstate/comments/aa2om1/closing_tomorrow_possibly_delayed_buyers_asking/ So, I read everyone's advice. Mostly people said it was a bad idea, and I completely agreed. Too much room for a nightmare scenario if the deal fell apart. People i asked in person (even my agent) said the same thing - don't let them move in, and that was my gut feeling as well. So, thanks for all the input, it was a bad idea. But i did it anyway. And, it worked out fine. What made the decision so hard was, before we closed, im never able to talk to the actual buyers face to face. I have to go through my agent, and their agent. I can't read their body language and get a sense of whether i think they're scheming to screw me over. Or what they really want, and what their viewpoint is, and all that. The buyer's have always been filtered through two agents, so i just dont know. I felt better about it when I was able to read that in my state, renting a "storage area" is significantly different from renting to a tenant. So we made a contract, explicitly wrote that they were only to move in stuff and were not allowed to stay overnight, etc. I felt comfortable. The "worst case scenario" was less of a Stephen-King nightmare, and more a mild nuisance. Couple all that with the fact that, the market for my home, I felt, was ice-cold. Rural area, 35 minutes to the nearest decent sized city. The house had been listed for six months with minimal interest. i think we averaged one showing every 3 weeks. I had already moved out of the house completely, because we wanted to salvage what little bit of enjoying the holidays we could without worrying about having to pack in 2 days. So I was basically terrified that the buyers would get so fed up that they just walked away. We really, really, really wanted out of that house. I just closed a few minutes ago. Finally got to meet the buyers. They're good people. They were dying to move in, and just as frustrated about their lender as we were. Mortgage Lenders of America. Don't use them. Or at least hope you get someone different from us. Unless me, both agents, and the closing lawyer are wrong, everything the bank did seems like they just don't care. They sent the clear-to-close notice Monday, but we just barely got the packet in time today to close at 2pm. I can't imagine what they would be waiting for, if they issue to CTC. Just assemble the files and hit "Send", right? IDK. Anyway, we were supposed to close Friday morning, then Friday afternoon, then Monday morning - finally Wednesday afternoon due to the holiday. And barely made that. nearly a whole week because they waited til the last minute to get one form, that they could have gotten any time. So, thanks for the advice, I agreed but decided to roll the dice anyway, and it all worked out. [link] [comments]  |
| Got myself into a bad situation Posted: 02 Jan 2019 11:42 AM PST I bought a small condo for $165k last February and immediately had two tenants moving in. It's not a great spot so I'm only making $200/mo off them. Turns out that now the condo has roaches. The HOA is insisting I use their exterminator who is blatantly over charging at $760 per session for 3 rounds of spraying. I cant talk them down or use my own guy. What's worse, is that I stupidly signed the contract already because I need the roaches out of there immediately. Ultimately $2280 for freakin' roaches is nearly 1 year of income from the property... I know these incidentals happen but the cost would never have been that high with my own guy. So now, once the roaches are gone, I want to cut my losses and sell the place rather than continue to work with this condo association. What am I in for? Assuming there are no more roaches, do I need to disclose the infestation? Am I better off evicting the tenants (within the confines of our agreement) and finding a cleaner group? Any thoughts or opinions would be appreciated [link] [comments]  |
| What are the benefits of creating a real estate holdings LLC? Posted: 02 Jan 2019 10:11 PM PST Assuming I have around 10 investment residential and commercial buildings, how would it benefit me to create a holdings LLC for them? [link] [comments]  |
| Are shelves considered a fixture? Posted: 02 Jan 2019 07:32 PM PST My husband and I are planning on selling our house soon because we need more space. I have done some research, but I can't seem to find an answer. I understand that curtain rods and built ins are fixtures, but what about shelves? I haven't been able to find anything that specifies shelves directly. We installed some shelves into our daughters nursery that hold books and photos etc. They are mostly decorative. Would those stay? We also have one on the bathroom, and two in my husbands study. I'm hesitant to remove them because, especially in the nursery, they make the rooms look very nice for a showing. We live in Illinois if that's helpful. I know some states have specific guidelines, but I haven't been able to one for Illinois. Thanks! [link] [comments]  |
| South Carolina Real Estate License Posted: 02 Jan 2019 10:41 PM PST In May of 2016, I completed my 60 hour course and passed the state and national portions of the exam. One thing led to another and was unable to hang my license with a broker or complete my post exam course/hours to make everything official. I'm finally able to get back to where I want to be, but I'm not sure what the appropriate steps are at this point as far as hanging a license goes or if I have to start from scratch at this point. Anyone know the SC laws pertaining to this odd situation? [link] [comments]  |
| Posted: 02 Jan 2019 09:51 PM PST I live overseas and would like to apply for an FHA loan when I come back to the states, but when I come back I won't have a job immediately. Does anyone know how far back you have to document your income to qualify for an FHA loan? Just want to know if I need to rent first and work a few months in a job before qualifying, thanks! [link] [comments]  |
| Repairs or Credit - 3 weeks to closing Posted: 02 Jan 2019 09:43 PM PST Hi All, We just had the inspection on our future home and there are a lot of deferred maintenance issues. Some things are more concerning than others. My question is, what is the norm? Do I ask for repairs when we're so close to closing? Do I ask for a credit and hope they agree? How much should we ask for? The issues: I am concerned about electrical that is not up to code. There is exposed wiring in a few places, nothing is GFCI protected, there are outlets sitting on the surface of the wall instead of installed in the wall, there are lighting fixtures being powered by what looks like a covered cord that runs along the walls and ceiling, the panel is a 50 year old 100 amp with lots of empty spaces (no blanks installed). Despite all that, the inspector said both that he would feel safe with his family in this home and that these issues pose a risk of injury or death... My husband is concerned that the stacked stone on the chimney has cracks the entire height from the ground to the top (it's 2 story home). The inspector did not inspect the interior structure of the flue and chimney, he only checked that the damper functioned and that it was gas and wood burning. He said he was not qualified to inspect the interior structure or cleanliness (we do not think they have used it and probably have never had the chimney swept). It's also missing the rain cap and spark arrestor, but thankfully it's not leaning. My stepfather thinks we should be most concerned with the roof. It's a newer tile roof, but from the time they took the listing photos 3 months ago til now, we have had strong winds and there are a few broken and slipped out of place roof tiles which have exposed the paper underneath. There is also an addition with a flat roof that shows signs of a prior leak in 2 places and the inspector said there's a soft spot near the chimney. He also said it looks sealed and in good condition. Other issues include a gas oven door that does not feel like it locks (but the light goes out when you shut the door), HVAC will likely need to be replaced soon, bathroom do not have exhaust fans and it's obvious there is a surface mold issue, one bathroom sink has no hot water, door to the house from garage is not self closing, there's a side gate hanging on by a bolt (need a new lag shield?), and a couple of ducts need to be reconnected in the attic. So what would be fair to ask for? We are buying this home at the very top of our budget and will have very little if any money for repairs, but the sellers had it sitting on the market (priced too high but I'm sure it was worth a shot) for 3 months and lowered the price twice before accepting our offer at another $5k under their last price. We don't think asking for repairs or a credit will scare off the sellers because they were on the market so long and are moving across the country, but it might piss them off. We really want this house, but we also want it to be safe. The sellers have lived in it the way it is for 5 years so they may not see a problem with all of these issues. Our Realtor said we could ask for $2000-$2500, but that we should evaluate what the more serious repairs could cost. I am trying to get estimates without having anyone go to the house, but I have no idea if that amount will be enough. I'm getting the impression that it doesn't matter what repairs will cost (to the seller and the Realtors), only that the sale goes through. We want that too but are nervous about the upcoming costs. Help me, please! Thank you! [link] [comments]  |
| What should I look out for when looking at Short Sales? [ NYC] Posted: 02 Jan 2019 09:21 PM PST Currently looking for a home and found a property subject to short sale, and was wondering what are some red flags to look for or ask the listing agent/lender. This property is in a neighborhood we want to buy in and what we can afford. Is the process different than a normal sale? [link] [comments]  |
| Rental property for sale, but I’m concerned about long term investment Posted: 03 Jan 2019 12:42 AM PST Hello, I am a first time buyer in the Portland Oregon area and I am trying to find my first home. I found a home at the top of my price range of $400k in a very nice part of portland, homestead/ goose hallow. The home has been on the market for close to 200 days and turns out the house is owned by an investor who is now trying to sell the home. He was renting it for $2600 a month to long term renters who have since vacated. The home started at $460k and has gone down in price to $420k over the time the house has been listed. Some issues about the house: no garage, stairs to get down to the house (about 30 steps), and located in an the expensive county, Multnomah. The history is that an investor bought the home in 2012 in a cash only deal when the home was largely trashed and fixed it up and had rented it until recently. It is a historic home, built in 1900. So due to the length of time the house has been on the market I think the seller would be willing to take 400k for the home. I like the rentability of the home, it has an AUD in the lower half of the home (600 sf, whole home 1900 sf). However the concern is that if the seller if having such a hard time selling the home now, why would I not have the same? The practical issues of the home can not be fixed easily. What would you do? [link] [comments]  |
| US Govt shutdown = no 4506-T form? Posted: 02 Jan 2019 06:33 PM PST My boyfriend and I are first time home buyers and had an offer accepted two days ago. The mortgage provider hasn't brought up a 4506-T form yet, but the bf has been doing a lot of research and found they're extremely common for verification of income. As luck would have it, the IRS ain't doing squat right now due to the government shutdown. The online portal to request this online is down due to "system maintenance". Due to this, we're worried our financing will get stuck in limbo and then it'll be too late to get our earnest money back before we eventually get the form and things (potentially) go south. Can anyone offer any insight on this form, who gets asked for it, and if there are any alternative options if he does get asked for it? Edit: to clarify, this will not be an FHA or USDA loan. [link] [comments]  |
| Qualifying for Mortgage - Leave Without Pay Status Posted: 03 Jan 2019 12:09 AM PST Greetings! I did a little searching here but didn't find any threads that directly dealt with this situation (though if there are, and I missed them, please let me know!), nor do most articles or the few books I've looked at on home buying and mortages. I'm a federal employee, currently on leave without pay (LWOP) status away from my main duty station to attend to some eldercare issues. So, still a federal employee, but without income for approximately a year. I will start back to work next summer, and would like to buy a home when I relocate back to the Washington, DC area. Ideally, I would like to buy the home so that I can move into it as soon as I move back to the area, so I don't have to move twice and also pay rent until I buy a place, but am unsure whether I will be able to qualify for a mortgage while on LWOP status and would appreciate any insight y'all can share. A bit about my circumstances that may be useful background: - Federal employee for 9 years, with W-2s and tax returns for those years (2018 return will show approximately 1/2 normal income, since I've been on LWOP since July) - Still receive earnings and leave statements that show my pay grade and step while on LWOP, but no income for the pay period - Would be able to put down 60%+ down payment - Would have approximately 350k in other assets (stocks, retirement accounts) - Single, so no spouse income to use for income verification/pay stubs - No other debt (student loans, car payments, credit card debt, etc.) - Credit score has fluctuated between 790-810 over the last few years - First time home buyer So, would I qualify for a mortgage and if so, do you have any tips for how to approach the process, given my unusual circumstances? [link] [comments]  |
| Passed My FL Required Real Estate Classroom , But Now How Do I Prep For State Test??? Posted: 02 Jan 2019 08:18 PM PST Just finished my required real estate classroom course , but they did not prep me for the state exam. Is there a certain bank of questions i can get my hands on to study? or if there is a preferred website i can use before i go take that state exam? I like to memorize/dissect questions before taking tests. I also speak/read Spanish and heard that there is less test banks for the Spanish version. [link] [comments]  |
| Posted: 02 Jan 2019 11:56 PM PST We had our property under contract and was about to go to closing. Then found out our house was never issued 2 family certificate of occupancy. Which is a big deal. It was an honest mistake. Had original paperwork from mid 80s stating that our conversion was "approved"... then the department of building never issued the CO. But Dept of Finance recognized it as a 2 family and have been charging us for 2 family all these years. In either case, they want us to compensate them $50k for the lack of CO. We'd rather cancel the contract and walk (hold on to the property). Contractually we have to reimburse the buyer for title cancellation and survey cost of around $1000. But they are claiming we owe them for these other costs... which we are willing to pay just to keep things clean and not get sued, but would like to see if these fees are reasonable. Also, we are worried buyer's agent may sue for commission... what's the likelihood of that happening?
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| Jumped the gun with original offer--inspection is tomorrow Posted: 02 Jan 2019 07:19 PM PST Hello! I think my wife and I may have jumped the gun with our initial offer on a property. It was originally listed for 220k three months ago, dropped to 200, then we offered 192, accepting a counter of 195. The seller had to give a previous buyer 48 hours to either pony up the dough or walk away--that period is over now and we are under contract for the 195. Looking more closely at the market and more objectively at the condition of the house, I feel like the true value of the home is closer to 80 or 185k. We have the inspection coming up soon. A big concern I have with the inspection is that the basement is completely finished, but there is water damage disclosed by the seller due to flooding that affected the area a few years back. I'm afraid this finishing of the basement may be hiding some issues. Can I use that rationale to re-negotiate the price in conjunction with the other findings of the inspection report or am I better off moving on and being a little more careful before submitting the initial offer next time? [link] [comments]  |
| TAX QUESTION!! PLEASE HELP!! FREAKING OUT!! (FL) Posted: 02 Jan 2019 10:55 PM PST I bought my home in 2015 for 399k with a mortgage of 215k. Due to very weird family circumstances, in 2017 I switched my home into a LLC that was jointly owned by myself and my brother (he also put his home in LLC). The LLC only held these two properties and did nothing else. I sold my home out of the LLC in August of 2018. I must have misunderstood at the time and now need clarification. Did I lose the 250k exemption on the sale of my home once I moved in into the LLC??? Will I have to pay taxes on the 200k profit i sold it for in the upcoming tax year? Is there anything at all that I can do to help avoid a tax bill of 70K??? I understand this is odd and I probably am coming off as extremely ignorant but I am in full out freak out mode right now after doing some reading tonight. I feel like my life will crumble from under me and everything that i have planned if that is the case. Please any advice is welcome. [link] [comments]  |
| Real estate not updating web listings Posted: 02 Jan 2019 10:24 PM PST My wife and I got pre approval today (first time we've ever applied!) and understandably we are quite excited. We found one place that requires we ring the real-estate agent for an inspection, only to be told it sold a month earlier. Fair enough. Another place, we ring, only to be told it was under contract, went back on the market to then be under contract again. It'd be nice if real estate's kept listings up to date, or place them under contract so I needn't waste time on properties that are definitely sold 😂 Does this happen often to others? [link] [comments]  |
| Posted: 02 Jan 2019 10:22 PM PST Take Alpine, NJ as an example. Median household income of ~$172,000. Median home price of ~4.25 million. How do these people afford to live here? Investments? Inheritance? Surely you can't afford even a 2 million dollar home on 172k/year [link] [comments]  |
| What Was The Easiest Listing You Have Ever Done? Posted: 02 Jan 2019 08:02 AM PST Realtors? What's the easiest listing that you have ever had in your career? and also what part of it was easy? On my end I just closed on a little duplex (one half of it) south of Baltimore City, MD, where the house pretty much sold itself. It wasn't that it flew off the shelf like I have had other listings do in the past. The other listing that I had which comes to mind was a beautiful colonial in Elkton, MD, where I got the listing almost out of nowhere (I work 140 miles from this house and took this one as a favor from my client who had a falling out with the agent they used in that area) and what made it so "easy" for me is that I had to take a day trip out to this house for the meeting, marketing photos and to get everything started. It was a natural beauty for marketing photos and had plenty of upgrades. House closed in less than a week for considerably higher than asking price. So what about you? [link] [comments]  |
| FL - Terminating agreement with rental agency Posted: 02 Jan 2019 12:07 PM PST Hi All, I'm terminating my agreement with my rental agency that I use to rent out my home. The tenant lease ends 7/31/19 and the agreement with the rental agency needs a 30 day notice. I'm planning to sell my home and want to give the tenants first dibs in case they want the home since it'll be an easy sale for me. I typed up this termination letter. I'd love some feedback on how the letter looks and if anything should be typed differently or whatever. thanks for any help. [link] [comments]  |
| Is it a bad idea to buy a house in a city you plan on moving to? Posted: 02 Jan 2019 02:44 PM PST Hello all! I'm interested in dipping into some real estate and want to buy a house in an up and coming city before prices explode. I currently live and work in a major city and I plan on leaving "eventually" to a smaller city I consider home. My question is would this be a terrible idea? The houses I'm looking at are 130k-175k with 2-3 bedrooms. Also to piggyback my first question- am I even in a position to buy a house? My stats are as follows Salary- 40k Cash saved- 50k Debt- 14k left on a car @300 a month Current expenses- none really due to some very generous people in my life Credit is 780 I plan on getting a roommate which would cut the mortgage in half if that helps? Thanks! Any advice is appreciated [link] [comments]  |
| Found out that Townhouse foundation is sinking during inspection-what to do? Posted: 02 Jan 2019 06:45 AM PST Hi everyone - I'm a first time home owner. We put a contract in for an end unit Townhouse and had an inspection couple days ago. During the inspection, the inspector pointed out that the foundation of the unit is sinking in the middle and showed us unleveled floors on the second floor, cracks near bedroom door walls, and bedroom doors that won't shut. He said it is not likely to cause any major problems, but I'm wondering if this is something we can use to negotiate the price of the home down. We had already lowered the asking price by about $7500. We are not planning on living here for a long time as it is our starter home and wanted to save money on insane rent we pay over here in North Jersey. Probably 5-6 years max. Is this a pretty common problem for older homes? This complex was built in 1972. If the foundation is sinking and is a structural problem, normally does the HOA fix these problems when brought to attention? Or would we not have leverage to bring this up after purchasing since we already knew about it before closing? Any insight would be helpful! Thank you [link] [comments]  |
| Posted: 02 Jan 2019 04:04 PM PST We put an offer in on a house and just got the home inspection back. I've heard before that you should expect the worst from the report but am not sure how much to worry. It says on there that "the roof is past it's useful life expectancy and requires replacement by a licensed roofer" and that there is evidence of termite activity. We're already a little over budget with the house and the seller stated in the offer they wouldn't fix any repairs. Both of these things feel pretty major to me and make me want to walk away but I'm not sure what to do. Any advice? [link] [comments]  |
| First Time Home Buyer questions Posted: 02 Jan 2019 01:46 PM PST So i am finally pulling the trigger on purchasing my first home in a few months, which will be in Tampa. I am getting a loan via my credit union, which will be for $300k. I have 25K of my own money to use. So my questions are: 1 - Is the 25k absorbed in to the 300K as down payment? 2 - If the answer to the above is yes, realistically, am i only responsible for paying back 275k (plus interest rate)? 3 - Say the home i buy is for 250k, i actually wont need the extra 50k. Can i give that back to the Union or keep it? 4 - From the 300k loan, does this include fees paid to the realtor, or do i pay this out of pocket? Sorry if any of these questions seem ridiculous, but i appreciate the answers. I'm sure i will have more questions as the process gets closer. [link] [comments]  |
| Has anyone ever tried "The Smith Manoeuvre"? Posted: 02 Jan 2019 07:25 PM PST I found out about something called "The Smith Manoeuvre" recently after reading it on this blog HERE I am wondering if any Canadian has tried it? It sounds complicated and potentially a bit risky but if it works out and it is fully legal it seems like a no brainer to implement. [link] [comments]  |
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