Neighbor’s listing agent misrepresenting property boundaries Real Estate |
- Neighbor’s listing agent misrepresenting property boundaries
- Are Cashflow Rentals Worth Buying in an Inflated Market?
- Pescati's Real Estate Education Series #1: Bedrooms DO NOT require a closet. And a little background on building codes.
- Logos on house numbers for new construction
- Not sure what to do. Looking for advice.
- What to Look for When Buying Shipping Container Homes for Sale?
- My selling agent is not very aggressive...
- HUD is charging Facebook with promoting housing discrimination.
- I am interested in getting into the MLO/Real Estate industry but have very little knowledge, looking for information resources and suggestions.
- How do real estate investors build up their portfolio?
- Accidentally Sent One Last Auto-payment. Should I Get A Refund In My Situation?
- What are the biggest pros to an interest only mortgage for buy and hold rental property investing?
- Already taking seller credit, how do we get more after inspection?
- Can I afford to buy on my own?
- [California] Family member selling a home to another family member
- Getting a real estate license
- Please help me understand: is this home appropriately priced? I cannot see how the seller justifies the listing.
- Coop/Cooperative housing mortgage in california?
- If a home were used as a set in a TV show/movie, would it be illegal to showcase a small (<5 second) clip of the film in a listing video?
- What if you don’t respond to the repair addendum? Oregon
- Adding an ADU
- [fl] Received response from realtor of what I qualify for but this makes little sense to me, could someone help decipher this?
- Down Payments - Residential
- Getting approved for mortgage with 100% crypto income
| Neighbor’s listing agent misrepresenting property boundaries Posted: 28 Mar 2019 06:59 PM PDT My neighbor put his house up for sale; the listing went live this week. Along one portion of our shared boundary, we both have fencing, but neither of us fenced to the actual property line (because there are large oaks and a dry creek bed for rain runoff that would have made fencing the area difficult). The unfenced area in the middle is about the shape of an isosceles triangle, with the 'base' measuring approximately 75' and each side measuring about 125'. Their agent has a listing image showing that the property boundary goes right up to my fence. I contacted her to point out the error, and she replied that the buyers will be told that the image is not a legal document. While I understand what that means technically, I also don't want to risk getting off on the wrong foot by having to tell the new buyers that about half of that section isn't theirs. It's a decent sized chunk of land, after all. It also seems like not correcting the listing image is a bit deceptive, with no regard to how it might affect neighborly relationships. And since the person who drew the (false) boundary intended to indicate that the line was right at my fence, I don't think that the agent's reply to me that they were "just trying to guess where the property line is to give the buyer a general idea" is a true statement. Am I overthinking this? And if not, what, if anything, should I do? [link] [comments]  |
| Are Cashflow Rentals Worth Buying in an Inflated Market? Posted: 28 Mar 2019 08:03 PM PDT I am looking at buying another single-family home as a cashflow investment and have calculated that I can still turn a safe monthly profit with a few properties in my area by buying near asking price. The prices, however, have gone up dramatically recently and I feel that they are very overpriced due to the influx of demand (huge corporate headquarters recently moved into town). Is it better to buy now in this inflated market and take a smaller monthly cashflow earlier or wait until the market corrects? [link] [comments]  |
| Posted: 28 Mar 2019 08:46 AM PDT There is a pervasive myth that closets are required for a room to be a "legal bedroom." I see this repeated all the time. This is not true, there is no model code requirement requiring a closet*. A little background on Building Codes Most all jurisdictions have a building code that sets the rules and standards for a residential building. For a building to get local approval it must conform to this code. By and large most building code is developed and published by various private entities** and then adopted by local jurisdictions. Most commonly now in the United States the International Code Council develops the model International Residential Code (IRC). The National Fire Protection Association publishes some competing codes, most prominently the National Electric Code (NEC). Do not be confused, these are not federal laws. These are private model codes. They are suggestions only. Only what codes your local jurisdiction has adopted matters. Your local jurisdiction (county, city, town, whatever) takes their preferred model code, perhaps makes a couple minor changes, and adopts it as their local code. Most do so with hardly any changes, they simply do not have the expertise or budget to do so. Some larger cities with the resources to do so will make significant changes. The ICC pushes code updates every 3 years. These then trickle down and are adopted by the jurisdictions. So for example: Seattle has adopted the 2015 International Residential Code, with amendments specific to our jurisdiction.The 2015 Seattle Residential Code contains substantial copyrighted material from the 2015 International Residential Code which is proprietary to and copyrighted by International Code Council, Inc. The licensed material is copyrighted by the International Code Council, Inc., has been obtained and reproduced with permission. The acronym "ICC" and the ICC logo are trademarks and service marks of ICC. ALL RIGHTS RESERVED. What does the code say about bedrooms? First remember the code applies from the date it was adopted by your jurisdiction. If your city is using the 2015 IRC that applies to NEW CONSTRUCTION and usually substantial remodels. It does not apply to older buildings. They were built to the codes in place AT THE TIME. The IRC uses the term "habitable room" or "sleeping room". I'm using the 2009 IRC for reference here. These are just the basic bedroom requirements, there are lots of different requirements for different situations (basements for example):
There is no mention of a closet anywhere. It is not required by the model code. *I am aware of a handful of jurisdictions that have actually adopted a code requiring closets in a bedroom. However they are quite rare. If you believe your jurisdiction requires closets I challenge you this: Post a link to the code section AND the year it was adopted. **Many are under the impression that codes are some idealized building method as envisioned by a benevolent government. The unfortunate truth is code development is a lucrative ($$$) nonprofit business (where you can get paid $1.2 million a year!) and competition is fierce. The code is developed by private companies, not government. Millions and billions of dollars can depend on whether a particular manufacturers product is called for or prohibited by the code. Corporations spend an enormous amount of money to get their people on the inside and to influence every new code change. There is a pretty long and depressing history of bribery and corruption at the code companies that continues to this day.
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| Logos on house numbers for new construction Posted: 28 Mar 2019 08:05 PM PDT I am in the market to move, and the neighborhood that my husband and I both like is relatively new construction. Every house has the home builder logo underneath the house numbers. I hate it. I hate it so much. I am not even buying from that company. Why is their name on the front of the house? When did this become a thing? Are people proud of the company who built the house? If I were to cover over it, would the HOA get mad? [link] [comments]  |
| Not sure what to do. Looking for advice. Posted: 28 Mar 2019 08:42 PM PDT Can someone tell me how much money ill be throwing out the window compared to renting? I only have 15k and was approved for 170k. FICO 760. Looking at 150k house. I make about 36k before taxes. I only have 5,000$ on car payment left thats it. Property taxes are 5,000 a year. 10,000 in closing costs I hear. I'm paying 1,250 for rent in 1 bedroom per month and thats everything included. The first year ill be underwater right? I'm going to pay for termite inspection, home inspection, plumbing etc. Also have to factor home insurance which I'm not sure if its going to be expensive. Looking at getting FHA loan 3.5% My grandmother is going to be my roommate and we get along great. Very hard decision to make right now. Also going to have 5,000$ extra as an emergency fund. Should I be entertaining this idea? Should I wait and save up more money even though I'm giving away that rent money? Any advice would be greatly appreciated! [link] [comments]  |
| What to Look for When Buying Shipping Container Homes for Sale? Posted: 29 Mar 2019 03:47 AM PDT Here are few things that you should consider before making an investment in shipping containers: Reputation of the Supplier - Check for Rusting and Painting - Container Inspection - Delivery Method and Cost - Check how much it cost you to get homes made from shipping containers shipped at your doorstep. To know more visit: https://luckdrops.blogspot.com/2019/03/what-to-look-for-when-buying-shipping.html [link] [comments]  |
| My selling agent is not very aggressive... Posted: 28 Mar 2019 06:27 PM PDT ...he seems like he is not on my side, but on the buyers side. The house has been on the market 2 weeks and we received our first offer for $5k less and they want us to pay $8500 closing costs on top of our own $3200 closing costs and we are already paying for both brokers. My agent seems to think it reasonable and that we should just accept. After I told him that we paid all closing costs to buy the house we don't want to pay them to sell it too, he said we could ask them to pay the full listing price and we will pay $5000 of their closing costs. I feel like he's not fighting for us. I told him the lowest we would go is paying $5000 of their closing costs but I don't want to offer that up front, I want to leave room for negotiation. So I told him to write up a counter offer for them to pay full price, pay their own closing fees and we would pay $1000 for Home Warranty and HOA transfer, which they also already want us to pay for. This couple sent us a video of why they love our house and think it is perfect for them. Am I being too strong? Should I negotiate more? I feel like my agent is only talking about the problems with the house and why I should rush to sell and pay at least $5000 of the buyers closing fees. Ugh. He feels like he represents the buyer and not me. Am I in the wrong to ask for them to pay their own closing fees and pay full price if they love the house? Hope that wasn't too much rambling, I am doing this from out of state and the market where I live is going crazy so I don't feel like I should jump through hoops to accept the first offer. Please advise. *edit spelling errors [link] [comments]  |
| HUD is charging Facebook with promoting housing discrimination. Posted: 28 Mar 2019 12:07 PM PDT https://twitter.com/SecretaryCarson/status/1111218929337290753 I forgot Ben Carson was Secretary of HUD. [link] [comments]  |
| Posted: 29 Mar 2019 01:02 AM PDT I've recently become intereted in becoming a mortgage loan officer or just getting into the real estate industry in general. This was prompted by a family member saying this might be a good field for me based on my work history and personality. I have almost no knowledge of anything pertaining to the industry or the finacial aspect of it so I would like to do some research and educate myself as much as possible before I decide it's something I'd like to get into. Does anyone know of any websites, blogs or YouTube channels that could help me get a better understanding of all the basics? Thanks for any helop/advice in advance reddit! [link] [comments]  |
| How do real estate investors build up their portfolio? Posted: 28 Mar 2019 11:21 AM PDT Hello folks! I'm an ordinary home owner in urban area Texas. In recent years I have watched the cities flourishing and real estate values going up (whether it's gonna crash is another story), more people and businesses moving in so I feel like I don't want to miss any opportunities. I have about 100k of stock investment and I'm thinking about putting some of it into real estate. I do understand that if I purchase a rental property with 5% down, I can probably break even or go a little bit negative with cash flow each month, and over time it builds up in principal and saves on tax. I have good credit score and am projecting an upcoming promotion at work, so I don't think I'll have a difficult time getting a loan approved. But I don't quite understand where to go from there. The property won't be paid off for 30 years which means I won't have any positive cash flow in 30 years, so I'm pretty much stuck with it until I sell it. How do other real estate investors (that I see bragging on youtube) rack up multiple properties over just a few years with very little money to start with? I doubt they just wait for the loan to be paid off before buying the next one :) [link] [comments]  |
| Accidentally Sent One Last Auto-payment. Should I Get A Refund In My Situation? Posted: 28 Mar 2019 08:15 PM PDT |
| What are the biggest pros to an interest only mortgage for buy and hold rental property investing? Posted: 28 Mar 2019 10:51 PM PDT I saw you can get a 40 year loan with this which seems like a huge plus, how do the rates compare to regular mortgages? The payments are lower at first but does this mean they will be higher than a normal mortgage after the intial period? [link] [comments]  |
| Already taking seller credit, how do we get more after inspection? Posted: 28 Mar 2019 07:01 PM PDT Our contract has $10K seller credit but we've identified issues in the inspection and want a credit to resolve those. As of now at closing we only owe down payment plus about $2500 in closing costs/prepaids. Can we only accept $2500 more in seller credits? That's not enough to cover what we're asking. [link] [comments]  |
| Can I afford to buy on my own? Posted: 28 Mar 2019 10:38 PM PDT I have very little knowledge or experience with the housing market. I would like to make my first purchase on either a condo, townhouse, or house in the Los Angeles area. The median home price is about 694K in the area. I can afford to put a down about 70K right now and my gross income is about 102K and have zero debt and excellent credit (796) Am I crazy to think I can buy anything in this area? What can I realistically afford to buy in my situation? [link] [comments]  |
| [California] Family member selling a home to another family member Posted: 28 Mar 2019 06:37 PM PDT Hi everyone, I was hoping to tap your collective expertise about selling a home to a family member. Let's say it was purchased for $300k 10 years ago and is worth ~$500k today. My understanding is that if you sell it for $1 to your child, it will be considered part gift and part sale. What if you sell it for $300k? Or $250k citing some repairs that are needed? Does anything change if a sibling sells to a sibling? [link] [comments]  |
| Posted: 28 Mar 2019 09:46 PM PDT So I see all these classes for 2000$ or a little less. But then I see a exam fee of 120$ can I just study on my own and take the exam? Has anyone done this? I want to find the cheapest way to pass the exam possible. I live in Texas. [link] [comments]  |
| Posted: 28 Mar 2019 08:48 AM PDT While searching for homes, I came across a listing for a fixed-up home for $199,900. It last sold for $66,000 in 2016. It has since had a few improvements, but still has some issues. Namely:
All of which can be fixed of course. But a quick look at recently sold homes in that area show a range of $110-180k. And those have been larger, cleaner, and much more up to date. Example 1. Example 2. All of them appear much more move-in ready. Looking at nearby comps, a more reasonable price would be closer to $120-130k in my estimation. I am not interested in this home, but I am trying to understand the market a bit and I just can't fathom why a seller would list such a home at so a high a price for that area. Any insight would be much appreciated. What gives?! [link] [comments]  |
| Coop/Cooperative housing mortgage in california? Posted: 28 Mar 2019 05:17 PM PDT I found an apartment in a complex that I like in Redlands California, but it turns out the complex is considered a "stock cooperative" where instead of buying ownership rights to the apartment, I buy a share of the cooperative and in exchange they allow me to live in a particular unit. The seller's real estate agent is is asking for an cash-only payment, but I would much rather get a mortgage... makes much more financial sense for me. Does anybody know if any lenders provide mortgages for coops in the state of California? I'm not sure where to even start looking. [link] [comments]  |
| Posted: 28 Mar 2019 11:10 AM PDT Would that be illegal to do, or could you maybe include a copyright watermark in the video? [link] [comments]  |
| What if you don’t respond to the repair addendum? Oregon Posted: 28 Mar 2019 08:36 PM PDT I am on the 9th day of a 10 day inspection period. The buyer has done a lot of inspections and had contractors come out. So for the past 2 days I've heard nothing. By tomorrow at 5 the inspection period will be over. If they do send me a repair addendum tomorrow can I just ignore it? Will that mean the deal is off? At this point I'm ready to find a new buyer. [link] [comments]  |
| Posted: 28 Mar 2019 12:50 PM PDT I have a question. I'm going to adding 700sq ft to. my 503 sq ft garage. Plans approved with city. I plan on selling soon a it's completed. How will the appraiser calculate value? I'm taking away a garage but adding a 3bed 2 bath 1200 sq ft adu rental. Said adu will have its own 7,000 sq ft yard an s the main home with the remainder. Parking restrictions have been waived. Will the appraiser calculate value by just adding the sq footage ? How will the calculate value ? [link] [comments]  |
| Posted: 28 Mar 2019 04:54 PM PDT I've been working with sending in proof of income, work history etc. Today they ran my credit and this was the email I received... i'll translate it as best I can from spanish to english below. But from what she said... now what? I'm a first time home buyer in an area where my mortgage would be much less than my current rent at $1350, i would like to purchase a home between 170 - 230 and am trying to qualify by myself (my partner will probably help too in the future but in case that doesn't pan out i want to solely be responsible for the home) Of all my questions came out the following: You can qualify for FHA or conventional The FHA allows you a down payment of 3.5% (based on the value of the house) and a seller contribution of 6% of the value of the house (but this contribution can go only to closing costs NOT DOWN PAYMENT. It has PMI for life or until you refinance and cost of FHA is 1.75% of loan amount (that is the price charged by the government the date the loan is added to the loan amount. Conventional, per your wages you have to put 5% down payment (based on the value of the house) There is no charge for the loan. If you have PMI that disappears when the remaining 15% of the loan. Alternatively, and because you have good credit you could be one PRIMIUN SINGLE PAYER and eliminate the PMI for the life of the loan. The upfront cost would as $ 3100 (ie that money and avoid paying PMI) The issue here is not what you qualify for, that would be for 270,000 or more, but how much you would want to pay? Remember it's not just the mortgage, you also add tax, home insurance, flood Insurance (should be in flood zone) spanish: De todas mis preguntas salio lo siguiente: Tu puedes calificar por FHA o convencional El FHA te permite un down payment del 3.5 % (basado en el valor de la casa) y una contribucion del vendedor del 6% del valor de la casa (pero esa contribucion puede ir solo a los gastos de cierre NO AL DOWN PAYMENT. Tiene PMI de por vida o hasta que refinancies y el costo del FHA es 1.75% del loan amount ( ese es el precio que cobra el govierno por date el prestamo que se agrega al loan amount. Convencional, por tu salario tienes que poner un 5% de down payment (basado en el valor de la casa) No hay costo por el prestamo. Si tiene PMI que desaparece cuando pages el 15% restante del prestamo. Otra posibilidad y debido al buen credito que tienes se podria pagr un SINGLE PRIMIUN y asi eliminar el PMI por la vida del loan. El upfront costo seria como $3100 ( o sea pagas ese dinero y evitas tenet PMI El tema aqui no es para cuanto calificas, que seria para 270,000 o mas, sino cuanto quicieras pagar? Recuerda que no solo es el mortgage, hay que Tambien sumarle tax, home insurance, flood Insurance (en caso de estar en zona de flood) [link] [comments]  |
| Posted: 28 Mar 2019 04:46 PM PDT Is it possible to apply credits from the lender or seller towards the down payment? [link] [comments]  |
| Getting approved for mortgage with 100% crypto income Posted: 28 Mar 2019 04:22 PM PDT I'm looking to get approved for a 500k mortgage. Zero debt, income more than high enough (low-mid 6 figures each of last 4 yrs), problem is my sole income is from cryptocurrency trading. Lenders are asking to see proof of capital capable of continuing to generate investment returns similar to previous years but there is no regulated entity that I can go to for statements like I could if I was trading stocks. I can say I own X amount of crypto in my wallet but my word isn't good enough. Any thoughts? [link] [comments]  |
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