I disputed my appraisal and won Real Estate |
- I disputed my appraisal and won
- OpenDoor Seller Review (Orlando)
- Asking for a friend...actually, my best friend.
- Advice on internships/Shadowing
- Talking to neighbors before buying house? How to and what to ask? share experiences
- Would you rent your home to someone that filed for bankruptcy and has a high income?
- (WA, Pierce County, USA) Advice wanted on buying 1st home, but wanting to buy a fixer and fix it up ourselves....
- buying a house from a flipper?
- (US KS) First time homebuyer need advice
- Tips on preparing to sell condo?
- House mortgage
- To buy or not to buy?
- Frequency of Commercial Real Estate - Office space transactions in the United States
- First time home buyers(Orlando, FL), offer made and accepted, under contract, roofing might be an issue?
- Can you buy a property (as a first time home buyer) in a state different from the one you reside in as a rental property?
- Fannie Mae and Freddie Mac restructure privatization
- How to factor in deferred maintenance into price
- How do you front-load depreciation on rental properties??
- Submitting a Counter Offer, do you sign the original offer too?
- Home inspector found tons of water in crawl space
- Asking for Prior electric and Water bills
- Buy or Rent?
- Investment in a 55+ community
- Researching history on a property
| I disputed my appraisal and won Posted: 07 Feb 2019 09:38 PM PST I just wanted to share my experience in case it can help someone. I have been working on a refi. Zillow had a certain figure but the appraisal came in around 10 percent less than I expected. I made one mistake and wrote initially to the appraiser but you should go through your loan agent. There is a process for this. I wasn't rude and didn't question the appraiser's ability. I just made it clear that it affected me personally and was hoping for something closer to Zillow. I was very respectful to the appraiser. Don't make it personal. I was asked to provide comps. So I built a spreadsheet and input all of the appraiser's comps next to mine. I listed ages, when the comps he used closed, sq ft, price and price per sq ft. Since some of the comps he used were of different sizes, I included two adjustment Rows. One was for the sq ft difference and the other was a catch all for all other adjustments (pool, condition, etc) added together to make one number. I also listed distance. One comp he used was a bit farther than other viable comps. So I highlighted it. I also adjusted his comps. I compared his footage to what I could find. When it didn't match (I used Zillow, realtor.com whatever I could find). There were a couple discrepancies. I then showed the avg of his comps and the median. And I asked why my house couldn't even get in the middle of those. Mine was closer to the low end of those comps. I also showed the averages and median based on my adjustments of the comps where I thought I found discrepancies. I then searched for better comps. I used a site called realestateabc.com You put in your address and it will show home sales around your house. With distances, year built, rooms, baths, sales price etc. I then inputted the same info that was shown in the comps. And I used his sq ft adjustment ($/sq ft) and adjusted my comps. Of course, I picked ones that favored me. My loan agent was surprised when my appraisal came back within 2k of Zillow. He told me he didn't think it was going to work because it rarely does. He said 9 out of 10 appraisers wouldn't change it. But I think it worked because: 1) I was friendly and polite when we first got in touch to do the appraisal. 2) When I contacted him to dispute it, I was respectful and didn't pressure him. I just made it personal about myself which anyone would understand since it is about my finances 3) I laid out data pretty cleanly and provided good comps. I made my comps easy to understand. I actually made the valuations for him (adjusting for sq ft, etc, age, distance, attached PDFs of the comps). I didn't just send a few words with addresses. I worked on it. Maybe a couple of hours but it paid off. I hope this can help someone. Good luck! [link] [comments]  |
| OpenDoor Seller Review (Orlando) Posted: 07 Feb 2019 08:45 AM PST My husband and I have just ceased working with Opendoor this past week, and I would like to write a personal review of the process with the Orlando team in case anyone considers working with them. I will include a TLDR at the bottom. To start off, I'd like to mention that we did not approach Opendoor to sell our house. The company has been actively reaching out to homeowners themselves in our general area due to property and home value rising. This is why I am mentioning Orlando as the specific city because chances are, if you are in that area you may hear from them yourself. Right off the bat, they gave us a low ball offer. We already have our own personal realtor so we knew exactly what our home was worth due to us coincidentally being interested in selling. My husband attempted to negotiate due to some improvements we'd made that their estimators weren't aware of, but the stood firm. We heard the representative out about how their process works to determine what we would take home at the end of the day post-sale, and to our surprise there were no strings attached until the final closing paperwork was signed. No inspection fee, no cancellation fee, nada. And so with low expectations, we gave them a shot to at least get the inspection and see where this lead. On a good note, all of the staff members we worked with were very pleasant and had great customer service skills, so it made everything that much less painful up front. However, the inspection results is where everything took a turn to a point of actually scaring us for a brief moment. All in all the inspection added up to about $12k in "repairs" which would have caused us to walk away with almost no money after the closing fees and such. The estimated cost of repairs were absolutely insane. For instance, the master bedroom has a ceiling fan with 4 light fixtures. I tend to have a sensitivity to light, so I removed 3 of the 4 bulbs to save myself from headaches. The inspector took photos of the "missing" bulbs, and estimated that it would cost $200 to replace them. Yes, you read that right, two hundred dollars to replace three light bulbs. Unfortunately, it gets worse. We were told that our roof was basically old and decrepit, and ruined to the point where we need an entirely new one. "But don't worry! If you let us take this home off your hands we'll handle it for you! All we'd need is $7, 965 taken out of your final payout!" Okay, so this is unnerving considering only two years prior we'd had a roof inspection as well as the wind mitigation inspection and it came out great! We managed to get a hold of the records from the old inspection, and it said "11 years old, great condition, estimated 15 years of life left." We asked for elaboration on Opendoor's report on the roof, and this is what they said verbatim, copied and pasted: "This roof has approximately 1-2 years life remaining but realistically needs a full replacement sooner than later as no insurance would cover this due to the age alone of the roof." Pardon my french, but at this point we shit bricks. How could this happen? It'd only been two years and there was no sign of damage! One thing that made us angry, however, is their claim that no insurance would cover this. They know nothing of our insurance, and we felt like they were attempting to corner us and scare us into thinking that they were our best option. So we called our insurance company to make a claim and request for them to take a look. Their inspector comes out, takes a look, and comes back looking confused. He asked what our expectations were in damage and why since we had no leaks or other obvious signs of a problem. I told him that Opendoor had inspected it and said it was practically ruined and at the end of life, needing full replacement. He shook his head and said that this wasn't the first time this had happened with them. So he let me know that we were perfectly fine, that the only issues were a couple missing and ripped shingles, and that it would likely only cost roughly $500 to fix. Other than that, he estimated at least another 10 years on the roof. So with that, we immediately told Opendoor that the deal is off with our matter-of-fact explanation. We've never felt so insulted by a company in our lives. We feel like they were legitimately trying to rob us. What would they have done with all that money they'd pull for "repairs" that weren't needed? I think we could all guess pretty accurately. On the bright side, we got ourselves a free, albeit awful, inspection that gave us a breakdown of improvements and rough estimates of cost for them to give us an outline of to-dos to help us sell our house. We went in with low expectations, so we don't feel defeated at all. We simply wanted to see what they were about., and boy did we find out. So to anyone who considers selling to this business, please remember that that's exactly what they are - a business. They aren't a lovely family looking for their dream home, they are a corporation looking to make as much of a profit as possible, even if it means attempting to cheat you. So do I think you should completely run away from them as soon as you see their name? Not necessarily. The free inspection, the quickness of the process, not needing to stage your home, and the lack of strings attached before closing is great. Just don't go in completely doe-eyed without asking questions or researching while acting desperate to sell. The chances of them trying to play you for a fool is great if you do that. But as we all know, the best way to do this is through a trusted realtor, and that's exactly what we're going to do. TLDR; Opendoor of Orlando approached us to try and buy our home, gave a free inspection with outrageous estimated costs to "repair" things, as well as a blatant lie about our roof needing to be replaced when it did not - all while telling us that no insurance would cover it (also a lie) so it would need to come out-of-pocket leaving us with almost no money left to take home had we gone through with the sale. So unless you're simply desperate to get rid of your home in or near this area even if it means sacrificing any sort of profit, use a trusted realtor. [link] [comments]  |
| Asking for a friend...actually, my best friend. Posted: 08 Feb 2019 05:03 AM PST Hey y'all! I'm searching for some help for a friend (not a reddit user) in the world of real estate leads. She works as an agent in a decently sized firm but not one of the well knowns that are the most common. She does very well after a few years as a licensed agent but is obviously always on the hunt for new business/leads. There is an agent in her office that leads the board every month and is crushing every other agent but keeping his method a secret. Which no one can blame him, right? Claims to have never knocked on a door to prospect, doesn't use REDX...the only thing she knows for sure is that he's extremely tech savvy and gets tons of listings and business from social media. Anyone have any knowledge on this? This girl is ready to hire a hacker to reverse engineer this. 😂😂 (not really) To be clear, definitely not trying to steal business from her fellow agent, she's just trying to increase her business using the most modern methods. Thanks in advance for any advice! [link] [comments]  |
| Advice on internships/Shadowing Posted: 07 Feb 2019 06:48 PM PST So I'm 18 and I'm planning on getting my Real Estate license soon. I was wondering if interning at a brokerage or shadowing a current agent is a common practice? I would like to shadow in order to start learning the ropes before I officially start. [link] [comments]  |
| Talking to neighbors before buying house? How to and what to ask? share experiences Posted: 07 Feb 2019 05:23 PM PST Have you ever talked to neighbors prior to buying a house. How did you approach them and what questions did you ask or things did you say? share experiences [link] [comments]  |
| Would you rent your home to someone that filed for bankruptcy and has a high income? Posted: 07 Feb 2019 08:10 AM PST This couple who makes about 10k between them filed for bankruptcy and is looking to rent my home to stay in the community. They also own a rental somewhere which generates them about another 1k income. They filed for bankruptcy due to a variable interest mortgage on an expensive home. As their rates increased, their monthly mortgage was about 4k. Their credit seems to corroborate their claims. I am in a situation where the current tenant wants to get out of her lease early. I received advice to allow the current tenant to break the lease or she may not "care" for the home. Anyways, I want out of the current headache, but I do not want to jump ahead into a new mess. The prospective renters may be even willing to sign a 3-year lease as it will take time for them to build their credit back up, but that means nothing. The current tenant signed a lease and wants to leave early with the deposit back. We have compromised to allow her to break the lease without penalty if we can find someone to come in. In the meanwhile, she would stay up until the end of her contract so that she can get the deposit back. The prospective renters have great jobs in the educational fields, but I don't understand how they can end up filing bankruptcy. They make that much money and cannot keep up with their mortgage. The whole bankruptcy deal makes me concerned whether they will care for paying their rent. It is a big red flag. Would there be any circumstance that renting to folks that filed bankruptcy be okay to do? What will be the best way to approach this situation? [link] [comments]  |
| Posted: 07 Feb 2019 09:15 PM PST Country: USA State: Washington County: Pierce I am looking for information or if it is even possible to complete something like this on such a low income and if there are any options for programs that will allow for owner to fix and not need contractor (except for say electrical and plumbing) ...
I would rather have something that is mine and where my son can have his dog and feel safe from relocating when I get new jobs. Thank you for any help and willing to answer all questions I am able. The current home I am looking at that seems worth it all to me is $250,000 with a 2 story home, 2 shops, and 1 acre. currently listed in taking "Rehab Loans and Conventional" .. though open to options and to seeking out other options [link] [comments]  |
| buying a house from a flipper? Posted: 07 Feb 2019 01:50 PM PST Im buying a home to live in. I see alot of houses that people bought about 6 months ago for and are now selling for double. The kitchen and bathrooms always look freshly remodeled with plenty of paint & carpet in the rest of the rooms. Should i be cautious of these flipped homes or are they as good as mom and pop selling their homes? [link] [comments]  |
| (US KS) First time homebuyer need advice Posted: 07 Feb 2019 01:41 PM PST I will be 8 months pregnant trying to move into a house in 3 months. Don't have the loan established yet but we do have a realtor and a bank to secure the loan through and already know we will be approved. My main concern is closing costs. We are looking at fairly cheap houses and my bank and realtor says I can ask for closing costs to be covered by the seller. Is that very realistic? I could probably do it out of pocket but would rather have that money as a back up if something goes wrong with the house that we need to fix. [link] [comments]  |
| Tips on preparing to sell condo? Posted: 07 Feb 2019 06:44 PM PST I'd like to sell my condo in a month or two. What are your recommendations on preparing the condo to be listed? Did you repaint, put stuff in storage,, etc? Thanks. [link] [comments]  |
| Posted: 07 Feb 2019 06:34 PM PST Hello, basically I looked into my my parents mortgage, just to look at how they are paying it, since I want to buy a house in a few years and I was surprised by it. My parents bought the house pretty cheap so the principle is low like 130$ low. Is it normal to have a $800 mortgage when the principle is low? I think it's a 30 year loan. principle payment is 130, interest is 250, and escrow is 423. I don't exactly know what escrow is? Can someone explain? I asked my parents and they said it's the taxes. It shows the unpaid principle on the other side and an escrow balance of 1,417$ and interest rate of 4.375. I am just baffled that a house at the price pays 800$ a month. I don't want to look stupid, I just want to know if what I'm seeing is actually normal. [link] [comments]  |
| Posted: 07 Feb 2019 06:25 PM PST My husband and I are first time home buyers. We found a 4 bedroom 3 bath for a good price that we put in an offer for. We found quite a few issues on home inspection and I don't know if these are fixable or if we should pass on this house. The biggest issue is drainage. The house is on a slope and the water drains towards the house. Other issues exacerbating this are the brick walk slopes towards the house, the gutters do not drain properly, the siding has several gaps letting water in, their is no tyvek under the siding, the sump pump allows water to go back into the crawl space, their is water in the crawl space, and their is standing water along the wood foundation. There is mold under the kitchen floors. The fireplace doesn't vent outside. Their is no ductwork with the HVAC. It is designed to move through the crawl space upstairs but it doesn't reach the upper rooms as evidenced by the space heaters in the bedrooms (weren't their during the open house of course) so all new ductwork would be needed. The owners DIYed the basement bathroom so the plumbing needs to be redone. The drainage is our main concern and I don't know if this is too much to take on with this as our first home. Any advice is appreciated. [link] [comments]  |
| Frequency of Commercial Real Estate - Office space transactions in the United States Posted: 07 Feb 2019 05:27 PM PST I'm curious how often do corporations or companies are on the market looking for an office space, on average? [link] [comments]  |
| Posted: 07 Feb 2019 12:45 PM PST So, wife and I have been looking at homes for a little over a year to get an idea of what we were looking for/wanted in a house. Rewind to last week where we get an MLS posting of a new house on the market, checks all of the boxes of what we want for what we are willing to pay. Check it out, wife really likes it and I'm pretty smitten myself. We're now in under contract per our offer and have put title funds in escrow. Now for the speed bumps, calling around for home owners insurance quotes and getting stonewalled based on the age of the roof. What kind of recourse as buyers do we have? Can we still go back to the negotiating stage and make a case for a lower sales price? Do we get gouged with a higher premium hoping for a storm to blow through and pay a deductible? Are we stuck offering to out-right replace the roof in the first 30 days to get insurance? Looking for some input from past buyers and experienced realtors in how they have dealt with this situation. The roof itself, looks great in my opinion, no sheared shingles, none missing, no visible water damage inside the home current(original) owner has never had to make an insurance claim against the roof. tl;dr put in offer, offer accepted, under contract, insurance won't cover due to age regardless of inspection results. What to do? [link] [comments]  |
| Posted: 07 Feb 2019 04:31 PM PST My husband and I currently live in Denver. For years, we have been considering moving to Kansas City, MO to be closer to his family (we have two kiddos). We have always rented and never owned. If we do end up moving it wouldn't be for at LEAST two years. We would love to purchase a home there now and rent it out until we make the move. Is that allowed? Or do we have to reside in the home we purchase? Thanks in advance for the insight and input! Edit: I work remote, and while my salary isn't HUGE, my same salary will transfer to KC. [link] [comments]  |
| Fannie Mae and Freddie Mac restructure privatization Posted: 07 Feb 2019 07:03 AM PST if i understand correctly Fannie and Freddie will become private and no longer GSE. what does that mean for real estate of the common folk level. thoughts? [link] [comments]  |
| How to factor in deferred maintenance into price Posted: 07 Feb 2019 09:28 AM PST Hello, We have settled on an area and price and the house we found met all of those criteria. It also has a great yard, layout, and rooms. The downside came when we dig deeper and found that most major items in the house are on their last legs. Water heater and roof are 20 years old, A/C is 12 years old, Gutters falling down. They are asking $270K which is fair for the neighborhood but with these big ticket items needing to be replaced soon is it right to ask for $15-20k less then selling price. The house has been on market for 4 months and sellers are motivated to move it seems. The other concerns is the basement had a small amount of mold in one closet right where a gutter been leaking in the foundation so I kind of assume that's the cause. There also is some cracks exterior wall but I think I'd need an inspector and structural inspector to figure that out. What are your thoughts on knocking off deferred maintenance cost from the asking price in this situation? [link] [comments]  |
| How do you front-load depreciation on rental properties?? Posted: 07 Feb 2019 11:32 AM PST I see people mention stacking depreciation up-front on their rental properties to take a tax loss, but I can't find anything online that details how you do that. The only thing I can find says you depreciate over 27.5 years. My second question: If there IS a way to front-load depreciation and push yourself into a negative income from the rental property, can you roll this loss into your regular income?? edit: Alternatively if someone has a source bookmarked that I could read on these topics that'd be great too. [link] [comments]  |
| Submitting a Counter Offer, do you sign the original offer too? Posted: 07 Feb 2019 11:24 AM PST I'm the seller making a counter, my agent wants me to sign a separate, single page counter offer and then also initial/sign the original offer the buyer sent. I said this seems odd, because the buyer could just throw away the first page, and I've essentially signed and agreed to their original offer in writing. Then I found a section in the original offer that said "Check this box if subject to a counter offer" I asked my realtor to check that box, and he got pissed and acted like I was being ridiculous. Am I being ridiculous? [link] [comments]  |
| Home inspector found tons of water in crawl space Posted: 07 Feb 2019 10:52 AM PST Hi all, I am searching for some guidance. My sister and I are buying a house. We had the home inspection yesterday and it was all running smoothly until he went to check the crawl space. In the past few weeks we have had tons of snow, below freezing temperatures and now 2 days of heavy rain. The inspector was unable to get into the crawl space due to tons of water. It looked like a swimming pool. I am very nervous moving forward. The sellers admitted to our realtor that they thought the sump pump may have went out. They didn't say how long ago that was though. There is one issue inside the house that the inspector was not 100% where it originated from, he needs in the crawl space to rule out any big issues. The seller said they are working on replacing the sump pump. I'm worried the damage has been done. Am I crazy? We really like the house but as a first time homeowner, this is a bit overwhelming. [link] [comments]  |
| Asking for Prior electric and Water bills Posted: 07 Feb 2019 01:21 PM PST First time home buyer. I have a house that I am very interested in but it has a room that they are calling a closed in porch with a bathroom. It has solid walls with large windows closing it off from the outside. The walls don't look very thick and I am concerned with the cost associated with heating/cooling it. It gets pretty cold in the winter here (Illinois), I don't want a surprise on my power bill when the time comes because this room needs to be heated due to the bathroom but might not be properly insulated. At what point can I request to see average power bills? I have not made an offer yet. [link] [comments]  |
| Posted: 07 Feb 2019 11:22 AM PST My husband and I are in our mid-twenties and are currently renting a 3-bed 2-bath house built in the 1920's. This is the second property we've rented from this landlord, and while there are definitely some good things about the property, we're wanting more space to start a family. The logical answer seems to be buy a home, right? And we're leaning towards that. However, we've seen his family deal with no end of plumbing and HVAC issues in their home which they've owned for over 20 years. We constantly hear his mom complain about homeownership and how she wishes they could just rent a property. To hear her describe it, homeownership is a pain in the ass and not worth the hype. We pay $900 a month in rent, which is pretty average for our area, and are interested in homes with an estimated mortgage payment of $700-$800. So the savings seem pretty obvious there—but we don't currently have to worry about buying a new water heater or fixing the plumbing which can be thousands of dollars out of pocket. Give me your two cents here reddit; Buy or rent? [link] [comments]  |
| Posted: 07 Feb 2019 10:57 AM PST My husband and I would like to purchase a condo in a 55+ community (in South Florida) as an investment property. His mother who is over 55 will be the tenant but we don't want her name or information on the mortgage or as any type of legal representation to the property. I've been trying to find information concerning buying in a 55+ when both owners are under 55 but haven't found any solid information. Does anyone have experience with the purchase of a senior property when not a senior? [link] [comments]  |
| Researching history on a property Posted: 07 Feb 2019 10:47 AM PST I was looking at a property on mls, and I saw one property that was sold a couple of years ago at 1/6 of the current price. By all appearances the current price seemed to be market. How can I go about determining the condition and how (e.g. foreclosure, probate, private, in-family, etc.) this property was purchased a couple of years ago? This is in the Kenosha WI area if that matters. Feel free to network with me if you're involved with this area. [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment