Old owner wants to pay me to keep some of his old stuff at the house so he doesn't have to move it Real Estate |
- Old owner wants to pay me to keep some of his old stuff at the house so he doesn't have to move it
- Seller says leak in ceiling was fixed 2 years ago, but my inspector measured 72% moisture in the ceiling during inspection.
- Can anyone please tell me what it was like selling and buying at the same time
- My first possible investment property - am I being reasonable?
- There are brown pods coming out of a wood a panel in the ceiling of my basement, does anyone know what this could be?
- Beginner looking for advice
- the sellers lender ran our credit and...
- I closed last month. The lender did not require me to do an appraisal. So I didn’t just to save $500. Should I have? I’m thinking I overpaid by a few thousand!
- I want to move into townhouse but landlord wants the deposit and there is no paperwork besides the receipt.
- [QUESTION] Finding the listing agent and buying without agent
- Has anyone ever bought a fixer upper instead of a move in ready house to live in?
- I am selling an investment home that I bought with cash. I will use fake city names to maintain privacy.
- I thought negotiations would go quicker, whats up??
- Follow up to my last post about foreclosed home.
- Investing strategy for 1st property
- Cracks in foundation
- This is going to sound crazy but has anyone bought a house because renting was too expensive?
- Tenant wants to buy my house
- Selling house, agent's contract has binding arbitration agreement
- Questions about obtaining title insurance when buying a property from Fannie Mae that was acquired via Deed-in-Lieu of Foreclosure
- Family Home Purchase Conundrum
- Selling my mom's house from several hours away - where to start? (NC)
- does a real estate agent have to disclose they get a referral fee
- Rehab building with fire damage?
| Old owner wants to pay me to keep some of his old stuff at the house so he doesn't have to move it Posted: 24 Mar 2019 10:40 PM PDT So I'm in the process of buying my first home. Home process is paid. The old owner informed me he couldn't get some of his old stuff out quickly enough for the contract date. He doesn't want any of it. He wants to pay me to keep it. For the most part, it is junk. Scrap wood, old tools, broken stuff, tool boxes, etc. Nothing of great value, but their is a decent amount of it. How much is reasonable to ask for me to keep all of it? I'd likely curb or junk most of it. The home cost $260K and it 2100sqft for reference. Basement and attic both have a lot of junk in them. [link] [comments]  |
| Posted: 24 Mar 2019 06:10 AM PDT Hello, My wife and i are looking at a house with a crack in the ceiling on the first floor, which is right below the 2nd floor bathroom. Our inspector measured 72% moisture in the ceiling with his moisture meter. Here are the notes he left in our inspection report: "CEILINGS \ General Condition: Water damage Bedroom areas of the ceiling are damaged from water intrusion. Water stains appear to be older stains and had 72% moisture at the time of the inspection. Recommend repairs by a qualified contractor. Implication(s): Chance of movement Task: Repair Cost: Minor" When we told the seller that we wanted some money taken off due to the leak and water damage, the seller replied that the leak had been fixed 2 years ago, and it shouldn't be leaking anymore. My questions is whether or not this guy is lying, or is there something else (mold, mildew) in the ceiling? [link] [comments]  |
| Can anyone please tell me what it was like selling and buying at the same time Posted: 24 Mar 2019 01:48 PM PDT Hi! My husband and I are going to be looking to sell our house and move in the spring. I was wondering what that is like for anyone who's done it? I won't be able to sell my house and live anywhere else or wirh family or anything. It would have to line up to where we sold and bought around the same time. Would love to hear personal stories from those who have done this How hard was it to line up? Thanks! [link] [comments]  |
| My first possible investment property - am I being reasonable? Posted: 24 Mar 2019 07:44 PM PDT I found a property selling for land value at $170K. This property is in one of the hottest real estate areas of my hometown. There is a house five houses down the same block that is on the market for $680K. This property is unique in that's it's more narrow than the surrounding properties. It can only fit a one car garage but can fit a second car if it parks on the driveway. There are other one-car garage houses that were sold a few years ago for around $500K, but those lots had an extra 500 sq feet. There is currently a wooden shack on it, and it's nowhere near habitable (there is a tree branch through the roof) and looks like it's been that way for a while. I currently have $80K in savings because I always wanted an investment property so I wanted a lot of cash on hand to make a fast move. I was thinking about putting $40K down and getting a loan on the $130K. My salary is $100K/year and let's just say that I'm ahead of where I should be for my age for my retirement accounts. I also have very little debt because I live substantially below my means and have paid off my small house. I admit that I'll be going through a big learning curve since I never built a house before...but I started a lot of things without knowing everything and learned on the way. I would like a house around 2,000 sq feet, and I figure it costs $100/sq feet to build. I feel like this is actually a good property to start with since it's smaller. A property like this doesn't come up often in this price range in this area because of it's unique size. Most of the vacant lots are larger but also over $200K. I haven't decided if I wanted to build to rent or sell. I figure at worst if I chicken out about building a house, I can always sit on the land and just let it appreciate. Am I being reasonable in my approach with this property? [link] [comments]  |
| Posted: 24 Mar 2019 05:51 PM PDT |
| Posted: 24 Mar 2019 08:59 PM PDT Hey guys, I am a 20 year old college student and I plan on having a career in real estate and real estate investing. I was wondering what steps I should take now to ensure that I am fully prepared to confidently enter the field once I graduate or however long until I'm ready to start. Maybe things like books, courses, or anything that helped you guys get to where you are. Anything helps. Thank you. [link] [comments]  |
| the sellers lender ran our credit and... Posted: 24 Mar 2019 10:28 AM PDT the last time i posted here i was wondering how often a sellers lender runs a potential buyers credit. we were in that situation. an update on that. their lender ran our credit and as we promised, everything came back good. again, we had already provided them with our pre-approval letter and specific letter from our lender for our offer amount. they were also free to contact our lender as well. they still wanted to run our credit and after we got the go ahead from both our realtor and lender, they did. that was sunday evening into monday morning. the realtor for that property promised us that if they ran our credit and everything came back good, that they would accept our offer. well, monday rolls around and after our credit check came through, we assumed that the seller would be happy and sign the contract. we offered more than his listing price and asked for 3% closing. AFTER our credit was run, he also added that we needed to close within 21 days. we were pissed because that should've been addressed before our credit was run, but whatever. you would think that would make the seller happy but still, he hasn't signed the contract. after waiting to hear back from him/his realtor all monday, and into tuesday, we finally hear back from his realtor that he wants to counter another offer first, and then get back to us. our realtor is a very godly woman, very calm, cool and collected. i've never seen her so upset and frustrated. we were obviously upset, as well, because we were told that if they ran our credit he would accept our offer, this is after his house has come on and off the market 2 times previously before. my husband was a little more upset then us all and pretty much retracted our offer. we proceeded to look into other houses. friday (3/22) comes along and low and behold, his realtor reaches out to ours and asks if we're still looking. the offer he countered fell through. we really have nothing to lose here so we submitted a new contract again. only difference in the contract is that we're closing on the date we feel comfortable with. i'm typing this and it's sunday evening. still haven't heard back from him or his realtor and his part of the contract is not signed. thoughts? opinions? we already have 3 others houses lined up to see this upcoming week because at this point we're completely over this. [link] [comments]  |
| Posted: 24 Mar 2019 10:59 PM PDT Although open listing, which was my agent, provided a house canary report indicating that the price was right. [link] [comments]  |
| Posted: 24 Mar 2019 07:42 PM PDT I checked out the place he seems like a cool guy. He wants a 700 deposit for the room in the townhouse. He says he doesn't have any paperwork though for me besides a receipt. This is a month to month situation. He says he also needs a credit and background check. What should I do? I looked him up and he is a legit realtor. I am new to this whole thing so this could just be common practice but I don't know. I'm in Florida by the way. [link] [comments]  |
| [QUESTION] Finding the listing agent and buying without agent Posted: 24 Mar 2019 09:50 PM PDT So I have financing and down payment lined up but want to save time and money and not use an agent to buy property in California. I check listings on sites like Zillow and Redfin but cannot find the listing agent or for sale owner to bypass using an agent. How would I go about this without paying for MLS fees? [link] [comments]  |
| Has anyone ever bought a fixer upper instead of a move in ready house to live in? Posted: 24 Mar 2019 07:44 AM PDT I'm wanting to buy a fixer up house just to be able to save some money but I have no idea how it works. Do you guys get a renovation loan or like a regular loan? Also for those who have done it how was it? Easier than you thought or more difficult? I'm not a handy person at all but I live an hr away from the place i'm wanting to move and I still have time on my lease so I figured i'd explore the option of buying a fixer upper since the idea of custom designing it seems cool. [link] [comments]  |
| Posted: 24 Mar 2019 09:07 PM PDT ADVICE NEEDED The home was purchased for 6000 and is on the outskirts of Goodtown. Next to Goodtown there is a city we'll call Badtown because it's well... bad. Even though the home is in Goodtown, the schools for it's address are in Badtown. The only thing going for me is that this home is technically in Goodtown. Since purchasing the home for 6K I have spent around 7K on cleaning it out, installing all new windows and siding, making it an open concept, installing architectural shingles, adding a front and back porch etc. Additionally, there are many building materials in the home that are waiting to be used. Due to unforseen circumstances, I may be moving and I really don't have time to finish the place. I originally intended to rent it out for 750 a month but now I am considering selling it as is. Unfortunately the way it sits now, the home will go for around 15K up to 25K if I'm lucky. The after repair value is around 55K. I have begun advertising the home for sale and many people are interested because it is in Goodtown. Today while speaking to an interested investor at the home, a realtor I had asked to view the place stopped by and blurted out that the home is lucky to bring in 12K in its current state... Right after I just got done telling the interested investor that I was looking for 25K. I was furious but I did not try to let it show. I thanked the realtor for her time and returned my attention to the investor. He did not seem too phased by the ordeal and said he could offer me two options. 17K cash for a sale or 12K cash and a partnership. In the partnership, he will pay 12K upfront and if the house sells for more in a year, he will split profits with me. If it doesn't, I keep the house and my 12K. I told him the second offer intrigued me however he would have to pay MY lawyer fees to draft up a contract (I'm not signing anything prepared by the buyers lawyer). When I hinted at the purpose of the investor still being interested in the home after the stupid realtor torpedoed my profits, the investor told me his main motivation was to keep me happy so I could sell him my other properties in the future. I am at a loss and I feel like I am about to go down the rabbithole and get analysis paralysis. What do you all think? EDIT: [link] [comments]  |
| I thought negotiations would go quicker, whats up?? Posted: 24 Mar 2019 09:03 PM PDT Made an offer on a house a week ago. It may have been considered a lowball offer... 15% less than asking but the home has some problems Im willing to work on & the seller knows the problems Im sure all too well. Its been on the market for almost a year. So seller came back with a very weak counter offer. I was told seller is "very difficult" to deal with, and thats coming from the sellers agent too. Apparently his counter offer wasnt "official".. I have no idea... A day later my agent says the seller wants to meet in the middle somehow. I have no problem with this. I tell my agent OK lets make this work somehow. I asked my agent should I make an official higher offer or what and they said lets wait to see their official counter offer... and now nothing for several days. WTH! Whats next? Anything I can do at this point? Granted its only been about a week, but I would think the agents would be working hard to get this deal done. Its a decent chunk of change... $1m+ you think everyone would want to make this happen considering its been on the market for a while. Any tips or pointers? TY!!! [link] [comments]  |
| Follow up to my last post about foreclosed home. Posted: 24 Mar 2019 04:58 PM PDT We're in SE MI So, the home we have been considering taking a look at is, in fact, bank owned now. And vacant. Apparently the owner lost it in the redemption period. She had two offers on it that the bank turned down. I talked to the former listing agent, and she said that yes, it is currently off the market. It needs a few repairs. She isn't sure whether the bank will repair and relist, or just wait and list as-is. Our agent is still working with her broker to locate who actually owns the house now. I did some digging and found a mortgage company name attached to the sheriff's auction transaction... But cannot find an associated department for foreclosed homes... If that makes sense. Anyway. The home had a badly installed something or other in the attic which caused condensation to build up above one bedroom, and the ceiling has fallen in in that room. The "kitchen floor has too many layers" as the agent put it, so it needs to be ripped out and replaced. There are some pipes in the laundry room that need repair, and the living room floor is apparently missing some boards. She said that other than these specific issues, it is a really nice home. New furnace, new fence, updated electrical, new this, new that. We were attempting a USDA loan, but that doesn't appear to be happening for us. However, FHA is good. In our budget, we're expecting to need to fix things anyway, and there aren't many homes in our budget in the area we're looking in to start with. Most homes are $200k and up in this semi rural area. This home is in a small town, on 2.15 acres. It's a 1920's home, which is what we were hoping to find... And not ridiculously far from my work, which is important. They were asking 135k, bank bought at auction for $99,750. We are looking at $135k max for what we'd spend. If we can get this home for close to what the bank paid, say $110k with $10k down, and do an FHA 203k, would these repairs be too much and surpass our budget max? Should we just forget it? How does the process work with this type of loan? Do we have to have FHA look at the property and assess the cost of repairs before we can offer? Do we offer and then FHA makes an assessment? This is just something I realized was even an option today, so I haven't read much on it. [link] [comments]  |
| Investing strategy for 1st property Posted: 24 Mar 2019 07:28 PM PDT Hey everyone, looking to get my 1st property. Im located in NJ north and preapproved up to 410k looking to buy in Philadelphia. 1st strategy To buy a nice single family in a b class area to airbnb the property out. Than move out after a year to refinance and buy a 2 unit else where. 2nd Buy a 3 unit or 2 in a C to C plus area. Live in one and rent the rest out viva airbnb or traditional. After one year ill move and refinance to buy another 2 unit. 3rd Buy a 2 unit or 3 with fha and try BRRR method. Ill be using 10% conventional loan @4.25% rate. I havent found a 3 unit in a decent area in Philadelphia that cash flows or even breaks even. Been looking for a year and want to know if i should keep being patient or is my strategy/criteria is unrealistic [link] [comments]  |
| Posted: 24 Mar 2019 07:16 PM PDT There are also cracks inward in concrete garage floor from foundation. It says this is commonly associated with a frame that is rotating outwards. Such rotation could continue to occur, resulting in settling, displacement of framing and cracked walls. I know these documents are supposed to scare you all over the place. But is this as serious as it sounds? Anyone familiar with how much it might be to fix this if something went wrong? Are there pre-emptive steps I could take to address the problem? Or should I be running in the other direction? [link] [comments]  |
| This is going to sound crazy but has anyone bought a house because renting was too expensive? Posted: 24 Mar 2019 09:55 AM PDT I cant find a decent 3 bedroom apartment in a nice area in my city for less than $1000 a month.Most of em are around $1k a month without utility. Meanwhile houses are like $150-180k. I could very easily apply for an FHA loan so i'm just thinking about buying a house... Has anyone experienced the same thing? It feels a bit backwards for sure but idk. I have like $20k saved up [link] [comments]  |
| Posted: 24 Mar 2019 09:21 AM PDT (cross post from /personalfinance) I own a second house, inherited from my mother. Fully paid for. I've been renting it to the same tenant for the last 12 years. They've been very reliable -- have never missed a payment, and generally take care of the place. They made me an offer on the house and proposed a private, seller-financed sale and I'm trying to figure out if that's a good move for me. The offer: 675K with 175K down, rate: TBD, term: TBD. it's on Zillow for 721K (but trending down a little) Lot's of questions!
Thank you for any and all help. I'm new to all this. If there's anything else I should be aware of, please let me know! [link] [comments]  |
| Selling house, agent's contract has binding arbitration agreement Posted: 24 Mar 2019 05:50 PM PDT [US] Met with 4 agents, found one we like but their contract has a binding arbitration clause for any conflict between us (seller) and broker. Is this common? I am planning on asking if this is negotiable but seems like a potential deal breaker to give up legal rights if something goes south [link] [comments]  |
| Posted: 24 Mar 2019 05:42 PM PDT My wife and I are in the process of buying a foreclosure that was obtained by Fannie Mae via a deed-in-lieu of foreclosure. Our lawyer alerted us that this is an issue very early on in the process but waited a month before he told us we cannot obtain title insurance because of the deed-in-lieu and thus cannot obtain financing. I have done quite a bit of research on this and can't understand why we cannot obtain title insurance due to the deed-in-lieu. Our lawyer was also incredibly unhelpful when I asked what the reason for the denial was, stating he could look into it but the time would add up fast and he isn't sure he can do anything. Yes, our lawyer is not the best. The property is in Vermont. I believe the concern is that the transaction could be deemed a fraudulent conveyance IF the debtor were to file for bankruptcy within 4 years of the transaction. The deed-in-lieu could be voided if the appraised value at the time of the transaction was significantly greater than the amount of debt the debtor owed. I believe the debt must be at least 70% of the appraised value but not certain. We were told the house was appraised at the time of the transaction and we have record of the amount of debt recorded on an Estoppel Certificate. I do not have the amount it appraised to but I assume that it was an acceptable amount otherwise Fannie Mae would not have proceeded with the transaction. The estoppel certificate also states it is an absolute conveyance and all the other stuff that I would think proves this is not a fraudulent conveyance. The foreclosure case was discharged at the time of the deed-in-lieu transaction as well. Additionally, I read the court filings for the foreclosure and there are statements that there are no senior or junior liens which I think is also a good thing for us because that means other creditors can't make claims on the house if the debtor filed bankruptcy. Couple of questions:
Any advice would be greatly appreciated. We would hate to give up on this deal because of something that really shouldn't be a problem and we want to do anything we can to fix it (even though our lawyer says it's a seller's issue, which I understand but it is also a buyer's issue because we really want this house!). [link] [comments]  |
| Family Home Purchase Conundrum Posted: 24 Mar 2019 04:42 PM PDT My husband and I are trying to buy my parents' house. My dad still lives there but my mom doesn't, and they are not technically divorced. Both are in agreement to sell us the house, and my dad will give us his half for free as long as we use that money to build an in-law apartment for him to live in. We need to figure out the best way to buy from mom and protect my dad's interest in his half of the house. Things we're concerned about: if there are any future divorce proceedings, we want to make sure we don't end up in the middle (for example, if my dad's name was on the house along with our names); we also don't want to be on the hook for any future medical/elder care as my dad ages (we're obviously happy to help him, but we don't want to automatically be on the hook for something due to the house situation). We'll be meeting with a lawyer to review our options, but we're looking for general advice, or things we should make sure to discuss with the lawyer. It's a weird situation but I'm sure other people have been through something similar [link] [comments]  |
| Selling my mom's house from several hours away - where to start? (NC) Posted: 24 Mar 2019 04:06 PM PDT My mom recently died, and we need to prepare her house for being sold. She was living with me at the time of her death and not in the house. I live several hours away from her house. The house needs to be decluttered, and there is furniture we need to get rid of. Additionally, the house needs some work done (such as a piece of ceiling replaced). Are there real estate agents that can help with these things since I am not local to the area? Like helping find and meeting with contractors, organizing an estate sale, etc? What kind of person would I look for to help with this? [link] [comments]  |
| does a real estate agent have to disclose they get a referral fee Posted: 24 Mar 2019 12:06 PM PDT First time potential buyer here, so not sure if this is normal behavior. Had a real estate agent who was pushy and a bad listener, so after several months I ended the relationship. The agent asked if they could send me a reco for a new agent, and thinking that just meant sending a name I could look into, I said sure. Instead it was a long introductory email with a new agent from the same big company, which I politely declined saying I had found another agent already. The original agent wrote back with a couple of somewhat irate emails, accusing me of making them work for free, telling me it isn't volunteer work, and that I had screwed them out of the commission from using their recommended agent. I wasn't even aware the referral would have given them a fee, and even if I was I don't think I'm obliged to use that agent. The whole thing left me feeling really uncomfortable. I know that agents can get referral fees, but do they have to disclose it to the client? [link] [comments]  |
| Rehab building with fire damage? Posted: 24 Mar 2019 03:27 PM PDT I'm looking at possibly buying triplex with a store front that could be converted to another apartment. Asking price is $9900. I'm still waiting to see the place to see the extent of the damage. Have any of you ever done this and would it be worth it? I can negate some cost by doing all the wiring if needed and kitchens and bathrooms, but I'll have to pay someone else to do the structural stuff. Thoughts? [link] [comments]  |
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