Closing on a house in Chicago, and the pipes burst. Real Estate |
- Closing on a house in Chicago, and the pipes burst.
- When does the spring listing frenzy start?
- CA-Evicting/terminating lease for military family
- Buying a house with a friend? anything different from buying with a spouse?
- Teams in brokerages??
- Advice for approaching landlord about buying the home we rent.
- Two new build questions. Should I use a realtor, and which of these builders is better?
- [San Diego] Considering selling my Condo, looking for advice
- Buying second home
- [NY] Everything is happening quickly and I have questions regarding proof of funds.
- How will planned Natural gas Power Plant construction impact real estate
- Property Management Website - update
- (California) Property tax issue for transfer of property from parent to child
- Negative Equity Help - Canada
- Need app/method to store and map open houses
- Validate my thoughts: Sell or rent the current condo to upgrade to a new house?
- Question regarding late or non-return of earnest money? (WI)
- Owner occupying question
- Has anyone heard of banks swapping their bank-owned homes with homeowner’s that have a comparable home? How does this work?
- Income property advice
- Failed Septic question
- Acquiring roughly 3/4 acre of property in northern IL on a trade. What are some things I should be looking for when I do a title check?
- [GA] Can an LLC I manage buy my personal home?
- Buying a home, in a jam.
| Closing on a house in Chicago, and the pipes burst. Posted: 06 Feb 2019 04:44 PM PST As the title says, we are in the middle of our closing period and following the deep freeze last week, the pipes burst in the house we are trying to buy. We reminded the seller's agent to make sure the heat was on and faucets were running, but I can only guess he did not follow through. The house has been vacant for the past few months while they have had it listed. We are still going through with the sale, so long as all of the repairs are made and the house is at least as good as it was when we went under contract. Right now, we know the furnace is going to be replaced. We should know more by the end of the week. The closing date got pushed back, which doesn't matter for us since we're still renting and our lease isn't up for a while. The new closing date is unknown at this point. I was told most home insurance policies have exclusions for vacant homes, as an example, so their insurance company might not approve the claim. Beyond that and assuming the claim is approved, what are some things we should be considering at this point? Edit: Thanks for the responses so far. The seller has already gotten quotes from HVAC and is working on getting other contractors in. Good news is that means a new furnace is on their dime. They are moving quickly on this. It was an "as-is" sale to sweeten the deal, so it seems like that works in our favor here, as anything less than the condition at the contract date is an easy walk. We're prepared to walk away if mold or anything like that is found and the sellers aren't doing what they need to. Our attorney has already said having them foot the bill for an inspector here is unlikely. If insurance won't cover it, we'll be able to walk since they'll miss our initial closing date. [link] [comments]  |
| When does the spring listing frenzy start? Posted: 06 Feb 2019 10:04 AM PST I've been waiting patiently but am not seeing much activity yet! We are needing to move in the next few months and the options that are on the market right now for single family homes are pretty slim. We are in a major metro area. [link] [comments]  |
| CA-Evicting/terminating lease for military family Posted: 06 Feb 2019 08:54 PM PST I have a 4+ year tenant that I'm looking to terminate the lease with. Husband is in the military and receiving BAH payments, they have always been on time with rent, but the main concern is unauthorized tenants. Are there any restrictions to their BAH payments? The reason why I ask is because for the longest time, they have been allowing another family to live in the unit, at first it was just visitors, then one person slowly moving in pretending not to live there, but by now it has gotten out of hand, constantly seeing new faces go in and out even at night and I'm fed up with their lying about family and friends living in the unit. If I have a problem with terminating their lease, is there anybody in the military I can contact to mediate the situation? Is it permissible to try and contact the husband's CO if things get out of hand? I've given them a 90 days non-renewal of lease notice but can accommodate if they need more time to find a new place, just want them out. I know it is extra hard evicting a military service member so any help is appreciated. [link] [comments]  |
| Buying a house with a friend? anything different from buying with a spouse? Posted: 06 Feb 2019 09:06 PM PST I mean couples buy homes together all the time. Can anyone point me to success or failure stories of friends buying homes together? Or share any input [link] [comments]  |
| Posted: 06 Feb 2019 07:46 PM PST Ever joined a team? How was it been a real estate agent but working in a group?? Do you even list? Or is the team leader the star? [link] [comments]  |
| Advice for approaching landlord about buying the home we rent. Posted: 07 Feb 2019 02:58 AM PST I'm looking to get some advice on approaching our landlord about buying the home we've been renting from them for 5 years. We have our loan approval letter and a sizeable down payment all arranged. Our landlord is an actual person, not a company, and they own 60+ houses in the area. We normally communicate thru email, and while I would feel comfortable bringing up the topic there, I'm not sure where to go from there. Would it be ridiculous to ask for a small amount off the appraisal value of the house given we've paid them so much in rent (126k so far) and made improvements to the house along the way (made of our own accord, with no intention of getting money back for them)? Can we pay a real estate agent to come over and give us an idea of what to offer for the house, or would an official appraisal be better? [link] [comments]  |
| Two new build questions. Should I use a realtor, and which of these builders is better? Posted: 06 Feb 2019 07:11 AM PST Moving to this community and after looking at two model homes It didn't seem like I need a realtor. Do I? Also, does anyone have an opinion on which builder I should go with? They have DR Horton, Rendition Homes, Impression Homes, and Highland Homes. Edit: This blew up. Thanks for all the great advice. [link] [comments]  |
| [San Diego] Considering selling my Condo, looking for advice Posted: 06 Feb 2019 04:40 PM PST Hi all, My wife and I currently own a 2005-built 3 bed, 2.5 bath townhouse in Carlsbad, CA in a good school district next to a nature preserve and several parks. I'm an active duty USMC Captain earning about 117k / year (yay SoCal BAH). We bought our place in 2016 on a no-down VA loan for 535,000 and owe 519,000 currently at 3.2% 30 yr fixed. This, prop taxes/Mello Roos, and HOA equate to 3,400/mo. My wife recently quit her job as she is starting grad school in the fall and after an upcoming deployment I'll be up for orders, very likely to a substantially lower BAH duty station for those of you who are familiar with the process, which would equate to likely 20k+ less a year. Speaking with our realtor who we bought the place through, he believes we can list between 615k-630k (Comps support this although I believe closer to 600k is more realistic). All this drove us to look into selling our place to:
both ultimately towards the goal of avoiding student loans for my wife's schooling and reducing our debt burden particularly as my income might decrease if and when we move outside of Southern California. I don't think the rental market in my area supports holding on to the house without losing a substantial amount of money per month (comps are renting for between 2500-3k). Our mortgage as it currently stands is more than manageable but not being house poor would be an added benefit (a 3 bed 2.5 bath is entirely too much house for us now that our roommate has left for greener pastures). My questions are:
Thanks for taking a look, I appreciate the help! [link] [comments]  |
| Posted: 06 Feb 2019 10:53 PM PST My wife and I are closing on our second home on February 12. We did our walk around today and I noticed some minor things that bothered me like a long scratch on our quartz countertop, and the door not being smooth to open. And the guy who is in charge of the building did the walk around with us and was saying that, that is normal but they will take a look at it. I know for a fact that he was just saying that because this isn't my first rodeo. But with fixes like that, I have the right to have them change it, fix it, or reimburse me at least if they can't do any of that right? Because I'm paying for everything, and a house is not cheap so i expect the little things to be fixed. So why should I let that slide? Anybody have had the same situation? Or any input is appreciated. TIA! Edit: the scratch was smooth. I was asking him if it was just buffed out and he couldn't give me a straight answer. It felt like it there was some rough edges. [link] [comments]  |
| [NY] Everything is happening quickly and I have questions regarding proof of funds. Posted: 06 Feb 2019 10:01 PM PST I accepted a cash offer on my house for $135k. My offer on my new house was just accepted for $255k. My closing costs including down payment will be about $25k. I have $12k in the bank. I was going to use the proceeds from my house sale to pay the rest of my closing costs. However, I'm suddenly concerned (after too much reading) that my loan wont be approved because I don't have proof of funds. I was pre qualified, and showed bank statements, W2s, and paystubs. Question: will I be ok? Or is there something I should do? I can get my hands on another $20k very easily by having it direct deposited into my account from A credit card, or have it "gifted" to me by my mother. Please let me know. Thanks in advance. [link] [comments]  |
| How will planned Natural gas Power Plant construction impact real estate Posted: 06 Feb 2019 08:41 PM PST Natural gas power plant planned to be built in stable town if 40k people. How with this affect rental property's and home value? [link] [comments]  |
| Property Management Website - update Posted: 06 Feb 2019 08:18 PM PST Hey Guys! I asked for some input on the property management website I'm running a few days ago, I have a 2nd version with some of your input (Thank you) Check it out! Any additional input is appreciated! [link] [comments]  |
| (California) Property tax issue for transfer of property from parent to child Posted: 06 Feb 2019 08:00 PM PST Hi, My parents are in the process of transferring their house and a couple rental properties to me and my brother. Researching the property tax issue, I came across prop 58 which prevents reassessment of property value and property tax. Reading the form: https://assessor.lacounty.gov/wp-content/uploads/2019/01/BOE-58-AH-OWN-88-Claim-for-Reassessment-Exclusion-for-Transfer-Between-Parent-and-Child.pdf I do not understand the part on the last page where it says: California law provides, with certain limitations, that a "change in ownership" does not include the purchase or transfer of: The principal residence between parents and children, and/or The first $1,000,000 of the factored base year value of other real property between parents and children Furthermore, on the BOE website, it says about prop 58 that: " Which transfers of real property are excluded from reassessment by Propositions 58 and 193? a. Transfers of primary residences (no value limit) b. Transfers of the first $1 million of real property other than the primary residences. The $1 million exclusion applies separately to each eligible transferor. c. Transfers may be result of a sale, gift, or inheritance. A transfer via a trust also qualifies for this exclusion. For property tax purposes, we look through the trust to the present beneficial owner. When the present beneficial ownership passes from a parent to a child, this is a change in ownership that is eligible for the parent-child exclusion. " So my question is, does my mother and father count as two eligible transferors? If so, is the total value of property exempt from reassessment equal to $2,000,000? [link] [comments]  |
| Posted: 06 Feb 2019 07:57 PM PST I have a townhouse that I need to get out of, and into a proper house(life happens). Unfortunately, due to such a bad market around here I have expected negative equity if I can sell this house (-$10-15k). I have a downpayment available for a new place, but that evaporates if I lose money when I sell my current townhouse. Would it be possible to port the difference into a new place? I'm kind of at a loss as to how to get out of my current place, so I can find a new one. [link] [comments]  |
| Need app/method to store and map open houses Posted: 06 Feb 2019 06:58 PM PST I am interested in seeing some open houses in a new area. What's the best way to identify them in advance and have the best route mapped out? [link] [comments]  |
| Validate my thoughts: Sell or rent the current condo to upgrade to a new house? Posted: 06 Feb 2019 02:30 PM PST Hi - I would like to hear some opinions on my situation right now, I think I have done a fairly detailed analysis in my head, but just want to see if everyone agrees, if not, why not? Thank you all in advance! I have a townhouse in Reno, NV (growing very quickly with the tech boom and population growth from CA), purchased right after college, Purchased at 165K, owned for 3 years Owe 150K at the moment, market comps show it can sell for $270K, if not $275K with the improvements I made. So I can probably net a bit over 100K after closing. Monthly payment (including HOA, taxes, insurance) - $1250. Rental potential - approx $1,300 - $1,350. Great location around midtown where a lot of younger professionals live, and people who just move here. Very nice HOA and close to a lot of things. I am thinking of buying a house in the low 400K. In an area where a lot of professionals live, great school district, an upcoming area because it's new, clean and well maintained, lot of new housing there and shopping/restaurant being built. Traditionally this area have been holding house value much better than other areas. Although it's a more expensive time to buy now, but my equity gain from my townhouse has been parallel with other houses, so to me, this is more of "transferring my equity into a house that's newer, protect my equity better and able to grow faster" kind of situation. Especially as a primary residence, I don't think it is necessarily to say "it's a bad time to buy because of it's expensive right now" People talk about crash, to me I don't think crash will happen as in 2008, and in Reno because of the proximity to CA and the fact that it's growing so rapidly, it's hard to think the house market will drop anytime soon (some correction maybe). I don't have enough saving for 20% equity, so selling the condo will not only give me enough cash to put 20% down, so no more PMI on this loan, and have extra money to pay off some debt, and invest. Though renting it out seems nice, but my thought of against it would be:
All that being said, I think it's a smart move to buy and live into a house right now, close to work, much less HOA, will be a new house (new construction with a builder), and can be a starting point if I want to start family in a couple years. I am 28, still fairly new with investment and RE, is my thinking process right? Please let me know！ [link] [comments]  |
| Question regarding late or non-return of earnest money? (WI) Posted: 06 Feb 2019 05:56 PM PST I live in Wisconsin and mailed a check for earnest money towards a home purchase on Dec 27th, 2018. The brokerage office is located in my area and I was given the option of dropping the check off at the time, so keep this in mind. Anyway, as I said, I opted to mail it. A couple days later the deal fell through and I requested the earnest money back, though they could give $100 of it to the seller. They ended up cashing the check on Jan 4th and it cleared my account on Jan 7th this year. So, with the holidays, they cashed it within 6 business days of my mailing the check. From all information I could find online I am left to understand that, if both parties are in agreement (which they were) that the turnaround for getting money back is 2 days and should arrive within 15 days (business days I presume). I took into consideration the the time it took for them to cash the check and where their office was and thought 2 days sounded right, but it would be okay if it took a week. Well, a week went by as of Jan 14th and there still was no return in my mailbox. I had my agent email the seller's agent for an update and they said it was being "processed". So I gave it over another week. Jan 23rd came rolling around with no return and my agent emailed them again and they said at first they would look into it. Later they emailed that it would be processed by week's end (Jan 25th). It takes 2 days here in town for local mail to arrive, so I gave them the benefit of the doubt that they would cut the check that Friday and, maybe not getting it out same day, get it in the mail the following Monday and I would receive it by Jan 30th. Again, I gave them an extra mailing day or two. Still, no check came. Yet again my agent emailed them and got an apology that the return was overlooked and they would process it right away. 3 more mailing days that week so if they processed it right away I expected it on Feb 2nd (this past Saturday). Nope. It didn't come. My agent emailed them again and I had her tell them I was coming down to their office (this past Monday the 4th) and will pick up the money they owe me myself. They responded that I could not do that because checks come from their "corporate" office and that she knows it has been processed. We also asked for a check number and mailing date which she could not provide. According to their website, their local office here is their only office, so now I'm left utterly confused as to how their office, the only office for them that is listed, can accept check drop off's and can cash them, but they do not cut checks and someone cannot pick it up? If there really are two offices, one local and some "corporate" location who knows where, where is it?? Now it is Feb 6 and still no check. Something just does not seem to be adding up here. It has been 23 business days since they cashed my check (cleared my account)...or about a month now overall. Enough past the supposed 15 day return period and well beyond the 2 day turnaround since the offer didn't go through and the both parties agreed to cancellation without issue. I'm not sure what else I can do here as it seems as if there are no more answers I can get from the seller's broker after their last email. I am hard pressed because these funds do need to go towards a closing on a house I did end up buying and that closing is a week from today. Even if I wasn't I would still be concerned with this turnaround time, the we processed it/we didn't process it/we will process it/we forgot to process it/we processed it, and what seems to be information about their office(s) sounding fishy. Do I have any grounds to start looking into this from a legal prospective? Or any other advice on what to do now? [link] [comments]  |
| Posted: 06 Feb 2019 05:46 PM PST Hi all, I'm currently in the market for a duplex I would be able to owner occupy. I was wondering about what choices people have in regards to buying a house that happens to already be fully occupied, as most of the houses (and good deals) Ive come across all have the units filled. I'm new in real estate so I'm still trying to absorb as much as I can. In this situation, would you guys just wait to see from the seller if current leases will be renewed or not? Can closing dates be modified to accommodate this in order to keep my loan as an owner occupant loan? Any wisdom is appreciated! [link] [comments]  |
| Posted: 06 Feb 2019 04:20 PM PST |
| Posted: 06 Feb 2019 03:46 PM PST Apologize if wrong sub, maybe someone can suggest another one? 27 F, Ontario, wanting to invest in properties. I've been looking at multiplex, duplex, single apartments and condos. The multiplex option has more appeal because I could live in one and rent out the others after doing some renovations. Then I could stay for a year while saving more money to purchase another one. On the flip side though, apartments are cheap. I could purchase a few of those, light Reno's and then live in one. But with mortgage, association fees, insurance, I wouldn't really make much but they are low maintenance. Any outlook/advice appreciated. [link] [comments]  |
| Posted: 06 Feb 2019 11:51 AM PST Im in the process of buying a home near Grand Rapids, MI. Due to some winter weather there was a delay in getting the well and septic inspection completed, however, this process has completed with the recommendation that the septic tank be replaced. The seller is agreeing to do this, but wants to do this in a side agreement outside of escrow so they can close on their new home. If we delay our closing, this could cost the seller their new home. This seems kind of sketchy doing it outside of escrow, but Im not too familiar with the process. The seller's agent has indicated they would even be willing to hang on to the check or pay the bill to replace the septic or write a blank check to the excavation company. What are things I should consider stipulating in writing this addendum to minimize my risk? I was thinking that the seller should cover the estimate, plus the cost of any additional work determined to be needed once excavation begins such as the additional cost of replacing the drain field. I also want to stipulate that the seller is responsible for costs associated with restoring the lawn to its current condition. Appreciate your insights! [link] [comments]  |
| Posted: 06 Feb 2019 03:10 PM PST I own a construction company. Homeowner that is trading has 1.4 acres. The town she lives in is requiring her to build a garage before they can have occupancy (crazy, I know, welcome to IL), anyhow, they can't afford to build a garage after their home purchase. They are desperate and are willing to trade me half their property (which can be built on and shared well system) for the construction of their garage. Footing, slab, and structure. I'll be coming out on top of this for sure due to location. Obviously, property I'd be acquiring hasn't been assessed yet, but it's definitely a win so far if I do it financial wise. What should be the first step to start getting this deal closed? My friend is a real estate broker and will be walking me through this possible deal soon , but I want to get a jump start on learning about the neccesary steps from you guys as well. Thanks guys. [link] [comments]  |
| [GA] Can an LLC I manage buy my personal home? Posted: 06 Feb 2019 03:05 PM PST I manage (it is a manager managed LLC) a small 2 member LLC. Can this LLC buy my personal home with cash from the LLC? I understand the house would be owned by the LLC and not by me. This LLC owns rental properties and the goal for my personal house is to continue to live in it for a few more years then turn it into a rental property. My wish is to use business money to purchase the house (in the name of the LLC), live in the house for a couple years, then start to rent it out. I didn't know if the IRS prohibited such things. I realize I need to speak to my CPA but they are slammed now. Thanks! [link] [comments]  |
| Posted: 06 Feb 2019 02:53 PM PST I am buying a home in Florida and expected to close on the 25, the seller has been a complete nightmare about everything (won't go too far into detail). The inspection came back that everything showing everything is fine, so we went on with it. I am doing an FHA loan that is requiring a septic inspection, during the inspection it is shown that the lid is cracked and a new filter is needed. (roughly $2000) I requested that the seller fix these, and they of course declined. The house is stated it was built in 2013, so I assumed all these would be great. come to find out, it's actually built in 2007, was stopped due to economic struggles and finished in 2013. So the septic and roof were both from 2007, as is the whole house besides the interior finishes. What options do I have? my agent is telling me that basically I have to buy the home now because if not, I could be sued for non-performance. I'm at my whits end here, and feel like I'm walking into a major trap. [link] [comments]  |
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