How do you go about putting an offer on a commercial building that is not currently for sale Real Estate |
- How do you go about putting an offer on a commercial building that is not currently for sale
- How we won against 5 other bidders
- Why should we provide seller help?
- Should I inform my loan officer?
- Real estate exam
- Septic tank and water pump placement
- SID/LID Question
- Buy next to huge development or buy in already up and coming area?
- First time buyer, second delay on the seller's side and don't know what to do
- Im the seller and had the contract all set to go, just needed the buyers bank to approve for the loan. Buyers put down 10k deposit, "payable by (real estate firm) at xxxx bank. Well after nonths of bologna their bank didnt approve the loan. Does the 10k go back to the buyer or to (me) the seller?
- Agent Commitment Question
- [NY] At what point during the home-buying process can I make a large deposit into my account without needing to provide documentation for it?
- Is there a map that shows property taxes?
- First Time Homebuyer Considering Duplex in CA
- New Lease but don't want to live there anymore
- First time buyers, need some advice whether to go for a townhome with unique backdoor issue
- Unsure which variables are most important in mortgage approval
- Interested in a house but previous owners (married couple) passed away of cancer. Anything I should be worried about?
- I need a change of scenery, but I don't want to sell my condo
- Too much grey??
- Ratify after counter?
- Help with feedback on my latest listing in Maryland
| How do you go about putting an offer on a commercial building that is not currently for sale Posted: 23 Mar 2019 10:37 PM PDT This particular building has sat abandoned and rundown for a while. The building is listed as owned by a company that's out of state. I have their LLC name and address, but nothing else. Googling their name doesn't turn up anything useful, and the address is a house. What steps would you go through to try to buy this property? Curious about not just tracking the owners down, but how you would go about negotiating and putting in an offer to someone who is not actively trying to sell. [link] [comments]  |
| How we won against 5 other bidders Posted: 23 Mar 2019 04:57 AM PDT We saw a house Thursday evening. Another couple had overstayed their viewing time and ran over into our appointment, but we didn't mind. It is an unoccupied hot property in a gorgeous gated community that was now $40k less than initially listed. Our realtor told us there were already 2 offers on the house, and I suspect they were lowball flippers. We heard the other couple talking about how much money it needed for updates; they were really playing up the drama, feigning disbelief and disdain over the whole thing, but they had been there nearly an hour, so that speaks louder than words. As we walked through, we listened to their banter, and then we heard her slip the one important thing when she said to her realtor, "we need to list right away because of the contingency". I knew they were putting together an offer, and I knew we would beat them. They, and one other couple, and we all made offers that night and ours was accepted Friday afternoon. Ours wasn't the highest offer, but it was the one with the tightest variables: $5k escrow deposit to be made within 48 hours; 5 day inspection (being completed today), 35 day or sooner close, Letter of Pre-approval submitted with the offer, 20% down conventional with no contingency. All these things built up the sellers confidence in our offer, and I repeat, we were NOT the highest offer; we were the tightest offer. Seller is a 86 year old widower who's moving into a nursing home, and what was most important to him was accepting the offer most likely to close without risk of delay or falling apart. It wasn't about the most money; it was about the tightest, cleanest offer. Fortunately there was no fair cash offer because those are hard to beat. So, my advice, for what it's worth and I hope it helps someone, is be READY to pounce on the right deal by having your offer tight. [link] [comments]  |
| Why should we provide seller help? Posted: 24 Mar 2019 03:16 AM PDT Our agent has put into the anticipated listing spreadsheet "seller help" of about 3%. The house is a flip bought at $99,900 and ideally being listed at $239,000 (with about $70,000 in remodeling). Why would we give the buyer more than $6000 to buy the house? [link] [comments]  |
| Should I inform my loan officer? Posted: 24 Mar 2019 12:34 AM PDT Hi, first time home buyer. My fiance and I are set to close on a home on the 29th. It has been in underwriting for 12 days now, the appraiser/title company have been dragging their feet but everything appears to be on track. I've sent over several up-to-date bank statements, w2s, paystubs, LOEs about employment, and proof of our earnest money being sent already. At this same time, my parents also purchased their first home. The only way it was going to close was if my dad came up with $4,000 to complete a down payment price of $20,000. They were previously renting and we've all been living in the same place together. They closed yesterday, and got their keys. I wrote my dad a check for that $4,000 last week and it cleared today. He was actually able to close without the check clearing... his lender just said "give it to me next week". His loan went through a local company that has worked with his boss for 20+ years and vouched for him every step of the way so they were very lenient on some things, if that sound strange. I wish I'd known I could of waited a bit longer to get him the check, but whats done is done there. So, any bank transactions asked for at this point are going to reflect that. I still have my cost-to-close amount + $10,000 in the bank. We have under $1,200 in debt on credit cards, no other loans/car payments/etc. The house is $125,000, we are putting down 15%, conventional, and our gross income is around $50,000. In addition, the money I gave my dad was essentially my fiance and my tax returns. We had about $3,500 direct deposit from the IRS into our accounts about 2 weeks ago. In addition to that, after we close (because we didn't want any large deposits put in during underwriting), fiances parents are gifting us $5,000 for furniture etc. My father will be paying back his $4,000 in cash if our loan doesn't approve or in labor/very cheap materials for repairs (he is a professional contractor) on the new house if it does. I'm just wondering if I should inform out LO about any of this. Throughout this process I've kind of been learning not to offer information unless required. [link] [comments]  |
| Posted: 23 Mar 2019 06:32 PM PDT Hello all. Today, I took the real estate exam (Mississippi) and failed. It was by the smallest margin of error. My biggest concern with this was, after studying with two different material providers, and preparing for a literal six month period (was studying while taking a three month qualification course. After passing, The commission took ages to get back to me, hence the time) studying over 500+ questions, and getting the general principles of real estate down, NOTHING I studied in that entire time frame was on the test. Not a single question. This isn't an exaggeration, nor a joke. So seeing as my current sources didn't prepare me for what was on here, does anyone have recommended sites that give relevant study guides? [link] [comments]  |
| Septic tank and water pump placement Posted: 23 Mar 2019 09:09 PM PDT Anybody out there know the rules on septic tank and well pump placement in Washington state? How far apart do they need to be? [link] [comments]  |
| Posted: 23 Mar 2019 10:12 PM PDT A property we are buying has a SID assessment on it. The property disclosure didn't say anything about a SID and neither did the MLS, not to mention the disclosure only said 1 HOA when the property in fact has 2 HOAs. It not having one is what drove us to offer the price we did. When asked about the assessments on the title paperwork our realtor told us "all that stuff will be taken care of in escrow". We received our closing disclosure and it has the biannual payment for the SID on the buyer paid side, and it isn't the full amount on the title paperwork. It is only the biannual payment. We asked our realtor about it again now seeing the closing disclosure, and he says "oh yep guess there is a SID on it" and we told him the property not having a SID is what drove our price. (Mind you previous offers we've done with this realtor included the SID balance being paid off as part of our original offer). Additionally, the property is owned by an LLC which also employs a real estate brokerage and agents. We feel now that our realtor and the sellers agent both failed in their fiduciary responsibilities. It's impossible for the selling agent to say they didn't know about the seller not disclosing the SIDs when it's the exact same company, right? What's my options here? [link] [comments]  |
| Buy next to huge development or buy in already up and coming area? Posted: 23 Mar 2019 09:47 PM PDT Hey guys! I have a few options I've been thinking about after seeing two properties. 1) Sleepy Hollow - A multi family next to a new development by the Toll Brothers. This property definitely needs some work but it's huge (6 car lot and 1 garage with room to make two more garages) and the only way it would make sense for me to buy is if I could renovate the basement and make it a 3 family. To buy this property and renovate just the basement would be about 450-550k. Taxes are 17.5k, but it's a huge chunk of land on the same street as the development of multi million dollar condos. This property is owned by a family friend so no realtors are involved. 2) Tarrytown - A move in ready 2 family home with an illegal apartment (I can probably live in). This property is listed at 550k and it's a little smaller due to its lack of a yard and only has a driveway for 2 cars. Taxes are only 10.5k and I would be cash flowing off the bat if I can live in the illegal apartment. This area doesn't have any huge developments but has historically been one of most charming towns in Westchester. [link] [comments]  |
| First time buyer, second delay on the seller's side and don't know what to do Posted: 23 Mar 2019 05:48 PM PDT I'm in the military and my wife and I just moved to Central California and are trying to buy our first house and using a VA loan. The area is really expensive, a 1200 sq ft house built in the 60's with no remodeling and a small yard usually goes for about $550k. We searched and searched and found an amazing house that we love, pretty big for the area with a huge back yard and remodeled kitchen and living room. Little out of our price range, but our parents stepped in to help us out and get us there. Made an offer and it was accepted, contingent on the sellers buying a house in a close by town. Sellers find a house that's a bank owned foreclosure, and we start moving ahead with the deal, 45 days for close of escrow. We get an inspection done which reveals we might have asbestos in the popcorn ceiling, and that same day the sellers notice leaking windows in the house they're buying. Sellers tell us to hold off on the appraisal because their deal might fall through, and we order an asbestos testing kit. Takes two weeks for the kit to come back, all the while the sellers are negotiating with the bank that owns the house they're trying to buy and have the bank pay the ~$40k to fix the windows. The bank agrees, and they tell us to pull the trigger on the VA appraisal. Asbestos test comes back positive, we get a contractor to come out and give us a quote, $4500 to remove it. We ask the sellers to cover it, they refuse. Ask them to pay half, they refuse. We cave because we don't want to loose the house over $4500 to remove a popcorn ceiling we hated anyway, so we move on. A week from closing, my realtor tell us that we can't close on the house because the appraisal took too long to happen, plus the sellers still need to fumigate for termites and have the place reinspected. We're pissed but still agree, in the long run two weeks isn't too bad. Today, another week before closing, I get a call from my realtor saying they found more problems with the house they're trying to buy, and they have to re-enter negotiations with the bank. These new problems are so extensive, they're now looking at other houses. Closing is delayed indefinitely, realtor says at least a month and that's being optimistic. We can get our earnest money back, but the $1k we spent already on the appraisal and inspection would be money lost. My wife and I are living in an Airbnb, and all of our household goods are in storage. I really, really want to buy a house out here, the market is super hard to get into but the historic home values go pretty much nowhere but up. Given that it's a military town, it will be relatively easy to rent the house once we move on, and it seems like a great investment for us. I'd love to walk away from this deal, but we've looked at a lot of homes and nothing comes close to the bang for our buck that we're getting for this house. The main thing I want to know is if there is any way for me to lock these people into a closing date? We'd be fine with sucking it up and living out of a suitcase in an Airbnb for another month if it meant we get this house. But at this point I have practically zero confidence that any timeline they set would be honored unless there was a significant penalty for them not doing so. Being a first-time-home-buyer, I don't know if the sellers' behavior is normal or a huge red flag. Any advice would be appreciated, and sorry for the text wall. TL;DR Buying a house in CA, homeowners have delayed for a second time because the house they're trying to buy is a foreclosure with a lot of issues. Is there any way I can lock these people into a date and prevent them from postponing again? [link] [comments]  |
| Posted: 23 Mar 2019 09:27 PM PDT I'm not being greedy here, but a lot of time and money was spent waiting on the buyers. [link] [comments]  |
| Posted: 23 Mar 2019 07:15 PM PDT Hi all, I have a legal question about committing to a agent. I have recently sold my house with a particular agent. I'm expected to close on the 18th of April. I only have a seller's agreement with this particular brokerage. I'm looking at both re sale, and new construction. I got into a major disagreement with my relator over a deal we were trying to make work on a new construction build. I no longer want to work with this realtor. There is another new construction that I saw with this realtor that I would like to put a potential offer on. Am I obligated to use this relator since I did see it with them? Can they sue me? It's a new construction so technically I dont need a realtor. [link] [comments]  |
| Posted: 23 Mar 2019 06:50 PM PDT We are closing on our house in a few weeks, we are already cleared to close. There was a death in family and we received a cash inheritance, nothing huge, but enough that we're hesitant to deposit it until it won't gum up our mortgage. Are we safe to do so once we close? Or since we're already cleared, it's fine? Should we wait longer than that? Thanks for any advice. I only ask because the less I have a bunch of cash sitting around, the better I feel. [link] [comments]  |
| Is there a map that shows property taxes? Posted: 23 Mar 2019 02:00 PM PDT |
| First Time Homebuyer Considering Duplex in CA Posted: 23 Mar 2019 05:40 PM PDT I have a question regarding selling a duplex in the future and I want to hear from duplex owners who have sold duplexes in the past. Disclaimer: I apologize for my ignorance up front. As I understand it so far, when you go to sell a duplex you have to pay taxes on the amount you depreciate, capital gains taxes, and realtor fees correct? Hypothetically speaking, if I purchase a duplex for $400k and sell it for $600k 20 years from now how much would I be estimated to lose from depreciation, cap taxes, and realtor fees? I would be living in one unit and renting out the other for the next 20 years. My goal is riding this out until my retirement, but given all these high cost factors would I even be profiting in the scenario outlined above? [link] [comments]  |
| New Lease but don't want to live there anymore Posted: 23 Mar 2019 05:23 PM PDT Ontario Canada Basically my roommates and I (5 in total) just resigned our lease about 2 weeks ago and after a few verbal conflicts we all mutually decided to not live with one of the guys we have literally just resigned with. All of our names are on the lease so we are unsure about kicking him out. Does anyone know any possible options? The other 4 of us are okay to relocate but we cannot afford to pay 2 leases at once. [link] [comments]  |
| First time buyers, need some advice whether to go for a townhome with unique backdoor issue Posted: 23 Mar 2019 11:13 AM PDT We are first time home buyers from Canada, and we found a end-unit town home which checks almost all the feature we are looking for. But the backdoor of this listing faces an array of backdoor row unit. We talked to our agent about it, we would also love to get some advice from reddit community to decide whether to go for this place. Thanks for everyone taking time to respond. Screen capture from google maps: [link] [comments]  |
| Unsure which variables are most important in mortgage approval Posted: 23 Mar 2019 02:44 PM PDT I'm trying to learn about mortgages but am getting conflicting and probably inaccurate information online. There's so many variables, I'm unsure of priorities. My husband and I had to move out of the rental house we were in due to it being sold. We paid $900/month plus all utilities. We are somewhat rural in a fantastic school district, thus rentals are nonexistent(unless you know a guy before he lists it). We had plans fall through and are living with my in-laws but need to be out this summer. We are looking to start the pre-approval process but I need a financial plan for the next 3 months. Money stats: 675 and 680 credit scores 32% monthly dti, revolving credit at 46% Currently one income at $57,000 pre tax. However, my husband makes about $6-10,000 a year cash working on a farm. I'm not sure how that factors into loan calculations. He claims taxes, but there is no consistent pay stub. Can this factor into our dti? (He's claimed farm income for 5yrs) I'm currently in nursing school and have a student loan in deferment from previous college. We were paying it on time but it switched to deferred automatically when I applied for financial aid. How does this affect loan applications? Should I start paying the interest on it? As of now, we have $5,000 in savings. We should have another $4,000 by end of May. Do we put $5k towards or credit card debt, bringing the revolving to 28%? This should also bring our credit scores to the 720 range, and monthly dti to 30%. Or, do we keep the $9,000 for down payment? We are really hoping to get near the $160,000 range. [link] [comments]  |
| Posted: 23 Mar 2019 06:53 AM PDT We are very interested in a house built in the late 70's. The previous owners lived there since 1990. The husband passed away in 2017 of cancer. He was in his early 80's. His wife passed away in Jan. 2019 of cancer. She was 83. Unrelated (or maybe not), their son passed away of cancer in 2015. He was 54 and I don't think he lived at the property. Should I be worried that the house has something wrong with it? No radon, water or lead pipe issues reported in the sellers disclosure. Didn't see lead pipes in the house either. The siding was not asbestos siding. We would do a radon test with an inspection if we were going to put an offer in. Am I overreacting here? What do y'all think? [link] [comments]  |
| I need a change of scenery, but I don't want to sell my condo Posted: 23 Mar 2019 11:55 AM PDT I bought my condo when I was young. It's really nice, but it's small, there's no elevator, etc. I've also just been in it for a long time. I can afford more home now and I'd like to upgrade, but my place is also on some pretty prime real estate. I feel like it's value will increase very nicely over the next few years, so I really don't want to sell it. I don't think I'll qualify for much of a second loan of I just rent this place out, so I wouldn't be able to upgrade much that way, but I'm really crawling out of my skin right now. Do you guys have any suggestions for me? Are there any options that I don't know about? [link] [comments]  |
| Posted: 23 Mar 2019 11:51 AM PDT Hi all!! I need some advice... We live in the UK in a new build home. We're in the process of trying to pick paint colours, but want to make sure we keep to colours that will be good when we go to sell. Our lounge is a light grey, which we're going to carry on to the hallways and stairwells. My question is, is it too much grey if we paint the kitchen the same colour? We can't decide on anything and want to stay neutral. Our cabinets are glossy white, backsplash is black, white, and grey, and the counters are sort it cement-patterned grey. Any realtors who would be able to advise would be great!! Thanks! 😁 [link] [comments]  |
| Posted: 23 Mar 2019 11:49 AM PDT Buyer puts in an offer. Seller counters. Buyer counters. Then, while the buyer's counter is still pending, the buyer decides to accept the seller's original counter. The buyer ratifies and submits that contract. Is there, at this point, a ratified contract, or, because the buyer had submitted a counter, does the seller have to accept the ratification? [link] [comments]  |
| Help with feedback on my latest listing in Maryland Posted: 23 Mar 2019 11:09 AM PDT Hey r/RealEstate, I am a flipper in Maryland and have a house I listed and was wondering if I could get some feedback on my listing. Currently listed at $389,900: Here's the house: https://www.zillow.com/homedetails/9205-Ravenwood-Rd-Baltimore-MD-21237/36277662_zpid/ I bought it at a Foreclosure auction for more than I wanted to pay (got in a bit of a bidding war) and the house was a complete wreck. I had to put A LOT of money into this property to get it to where it is today. Everything is new: roof, windows, all the systems, finished basement, drain system, tiled baths, brand new kitchen, etc etc. Here's a link to the before photos: https://imgur.com/a/YwJaI8z The neighborhood is good with very little turnover. This is an area where Homeowners have been in their homes for 30 - 50 years. So there are very few flip homes coming on the market here. There is also new construction homes right around the corner that were all completed sold in the mid to upper 400s. The last house that sold in the neighborhood was one across the street over a year ago for $285,000 and it was what I refer to as a "grandma house". It also had no garage. I listed the house a week ago and immediately got 2 showings. The 1st showing was at the property for over an hour and the agent called me saying they were definitely writing an offer. That night I guess they ended up changing their minds when they couldn't figure out where to put all their furniture (buyers can be so fickle). So they never submitted an offer. The 2nd showing loved the house but wanted a house with a pool which mine doesn't have so not sure why they looked in the first place. Since last weekend when I came on the market, I can't seem to buy a showing. I know I am probably listed a bit on the high side but I know if i can just get people to the house somebody will fall in love because it is a really nice house! But it's a niche house. Not many people looking for ranchers. The negatives of my house are 1 - there is no master bath, 2 - the basement is a little chopped up. I am hosting an open house tomorrow so hopefully can get something from that but based off the above info what do you think about the listing? I think it's too soon for a price reduction at this point. Thanks for taking the time to take a look. [link] [comments]  |
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