Am I crazy not to walk away from a property due to the purchase contract? Real Estate |
- Am I crazy not to walk away from a property due to the purchase contract?
- We are relatively new landlords and are preparing for our first tenants to move out. What qualifies as "normal wear and tear?"
- REALTORS: How do you communicate to your buyers what a seller’s market means for them?
- (SC,USA) Looking into a duplex and wanted your opinion
- Home Appraisal Discrepancies
- St Louis selling homes for one dollar to help eliminate urban decay
- A small part of my land is fenced into my neighbors yard. Do I tell my realtor?
- establishing primary residence on new home, then subleasing. Is this ok?
- What to look for in a final walk through
- Left money after fathers death. Buying a property.
- How much personal information should you give your real estate agent?
- Dilemma: Signing as a Co-borrower for Parents
- Is a counter offer legally binding?
- Ended up inadvertently on a showing from a Redfin agent. Are we obligated to stay with them?
- Is it better to buy a home after the summer and wait for Fall/Winter?
- Trouble selling a previously foreclosed house
- What is the best way to create property maps for raw/timber land?
- I'm looking for companies that do desktop appraisals, preferably larger ones that work across several states. Can anyone help me out?
- What would you do? Buy your own or Buy to rent?
- First time Investor
- Is it realistic to expect this type of deal in RE?
- Rocket Loans / Quicken experience
- Does anyone have personal experience with wood frame homes in Florida? Are they as bad as people say?
- Buying a co-op in lieu of paying rent, advice/tips please
- condo inspection revealed no dryer vent and an old hvac...are these deal breakers?
| Am I crazy not to walk away from a property due to the purchase contract? Posted: 12 Apr 2019 01:37 AM PDT Curious how often this comes up. We're buying new construction and I'm pretty disappointed with the purchase agreement we got in - the builder is basically reserving the right to adjust the floor plan as they see fit and even square footage they're reserving the right to reduce the overall size by up to 100 sq ft (on a 2000 sq ft home). I get they're just covering themselves in case shit comes up, but we put ind offer to purchase on the place specifically due to the size and the floor plan layout. Even the standards around furnitures and fixtures are pretty loose. I'm basically going to tell my attorney these are deal breakers for me - if they deliver me a place that is 1,900 sq feet or where they've taken 50 sq feet off the master bedroom or 75 off the living room, I don't really want the property. My attorney is advising the developer doesn't want to negotiate these points. Part of me doesn't want to walk because I know the developer is going to try to deliver what he promised, and it's just risk allocation. But I also don't see how I can agree to this. [link] [comments]  |
| Posted: 11 Apr 2019 10:40 AM PDT Edit: Thank you everyone a for your wonderful responses. I feel much more prepared for what is to come. If I find anything weird I'll update. I'm in Houston, by the way. If anyone is looking for a home to rent inside the NW side of the Beltway, let me know! [link] [comments]  |
| REALTORS: How do you communicate to your buyers what a seller’s market means for them? Posted: 11 Apr 2019 04:23 PM PDT Obligatory apology for format. I'm on mobile. New-ish Realtor here. A little background: I was a sales coordinator for two years before making them jump to sales. I had some knowledge of the spring/summer markets but not first hand. I have two different sets of young buyers who don't seem to understand what it being a seller's market means for them. One set consistently sends me homes above their budget asking me if I think they can offer $10k-$20k lower than list price (AND asking for their closing costs to be paid by the seller). The other set of buyers doesn't want to go over the list price under any circumstances even if the home is $40,000 below their budget because "if they wanted more why didn't they ask for more when they listed." As a result, both of them have lost homes they were in love with. I feel that I've done the best that I can in explaining what a seller's market is (more buyers than homes for sale) and why a seller isn't necessarily going to take the offer just because you're offering list price. I've tried analogies like, "Apples are usually $1.00. The salesperson has 1 apple left, and 3 people want it. The first person offers him 95 cents, the second offers him $1.00, and the third offers him $1.25. Who do you think is going to get the apple?" (Just an example) Any advice/analogies/what have you could be helpful. I'm all ears! [link] [comments]  |
| (SC,USA) Looking into a duplex and wanted your opinion Posted: 11 Apr 2019 06:23 PM PDT I've been researching and studying for a very long time and I found a good deal and wanted to see what you guys thought. Listed 299k for 6bed 6 bath (3/3 duplex). It has no HOA but in a very good /populated area. Currently each side is rented for $1400 but I plan on living in one side for the FHA loan. I think I can raise rent to 1600-1800 easily. I'm approved for 270k with 5% down but I have more if needed. The unit is out dated (built in 1990) and hasn't been touched since. There is old termite damage but it has been "fixed" (not 100% sure yet). My mortgage will be 1600 a month and my overall expenses will be 1900 a month. This will give me about 500-600 that I will have to pay every month not including utilities. When I rent the other side out, I will pocket about $450-500 every month. I think I included all the needed info. Please let me know what you think and if you have any questions! Thanks. [link] [comments]  |
| Posted: 11 Apr 2019 06:55 PM PDT EDIT: I got it figured out. He has the SF right as the staircase is vaulted it doesn't count towards overall SF according to ANSI. Thanks for the help. So last week we got the appraisal on a house we are purchasing and it came back at $195k and we agreed to purchase for $200k. But upon further inspection the appraiser shorted the SF by 61 SF which is the exact SF of the stairs. We had the appraisal send to the seller who then asked the appraiser a couple questions including why the SF was short. In the adjusted appraisal he claims he included the stairs in the livable area SF of the home but about 20 pages later in the appraisal in the breakdown it is clearly placed in the 'Non-livable area' portion of the breakdown. We could have been closing on this house on Wednesday of next week but of course this is an issue that the seller (and us really) want addressed. Aside from asking him to reevaluate it again is there any other option? We don't have the extra $5k to bring to the table so it's either the seller drops their price or we walk (which sucks because our area is very competitive and not much in our price range) but the seller knows the appraisal is wrong and I fear they may not want to drop the price because of that. Just not sure if there is anything that we can do to make him correct his quite obvious mistake. [link] [comments]  |
| St Louis selling homes for one dollar to help eliminate urban decay Posted: 11 Apr 2019 12:12 PM PDT St Louis is selling houses for a dollar to help fight urban decay. Must have a plan for the house. Most are in need of major repairs. [link] [comments]  |
| A small part of my land is fenced into my neighbors yard. Do I tell my realtor? Posted: 11 Apr 2019 01:49 PM PDT I live in a fairly typically subdivision, with a combination of wood and block fencing between the houses. My backyard shares fences with 5 different neighbors. One of them has a lovely shade tree that was planted too close to the property line, and not trimmed appropriately when it was small. The tree has a major branch that is growing towards or property This neighbor and I lived with an increasingly leaning wood fence as the tree grew. Neither of us had dogs or any other reason to worry about the fence. They sold their house a month ago, and as part of their sale they had to fix the fence. This meant either cutting off half of the tree (and a real risk of killing the entire tree, since the branch is so low) or move the fence. We gave them permission to rebuild the fence around the tree. So now a small part of our yard is enclosed inside their fence. It is less than 10 SQ feet, and doesn't dramatically change the size of our yard. And it helps maintain the lovely shade we get from that tree. When we list our house to sell in the next few months, should I even tell our listing agent about this? It is the sort of thing that could sound terrible on paper and might scare off a buyer. But I feel like we are obligated to let the new owner know that we agreed to the fence being moved. I have read amusing stories on here about people being upset over less. An I overthinking this? [link] [comments]  |
| establishing primary residence on new home, then subleasing. Is this ok? Posted: 12 Apr 2019 02:12 AM PDT Hi all, bought my first house in NYC. As its my first house, I can establish primary residence. But I currently rent and want to stay where i am, while renting out the house for the rental income. It's a 2 unit house, so can I put down one unit as my primary residence, and then sublease that unit? Will I still be able to maintain primary residence by doing that? Thank you. [link] [comments]  |
| What to look for in a final walk through Posted: 11 Apr 2019 04:42 AM PDT Hello all! We are first time home buyers and have our final walk through scheduled for this Saturday. What should we look for? What unexpected things should we keep an eye out for? Thanks all! [link] [comments]  |
| Left money after fathers death. Buying a property. Posted: 11 Apr 2019 09:11 AM PDT Is this a dumb move? I'd be able to buy a small apartment in my area and rent it out. I've never done this before but I'd love to learn how to invest in something that seemingly keeps rising in value in my area. I'm 27. Am I too young to be a land lord? [link] [comments]  |
| How much personal information should you give your real estate agent? Posted: 11 Apr 2019 07:21 PM PDT My real estate agent is asking for all personal information including bank account number, work permit copy, driver's license, etc. Is this normal? Identity theft is my fear here. [TORONTO] [link] [comments]  |
| Dilemma: Signing as a Co-borrower for Parents Posted: 11 Apr 2019 04:23 PM PDT Hi there, I am needing insight/advice on my current dilemma. My parents are investors with a few rental properties but have retired and due to high interest rates, want to refinance. Since they are retired they won't qualify and need a co-borrower to do so. They are asking me to refinance with them. I am in my 30's, single, no kids, no home. I have a stable career and steady income. They say I won't have to deal with any of the mortgage payments (their tenants pay it), but my name would go on the mortgage. Also, they would have full access/control of the house. The deal is I would not manage it or anything until they are no longer here. Then, it would be mine when they are no longer around. Is this beneficial for me or harmful for me? Unsure what to do. [link] [comments]  |
| Is a counter offer legally binding? Posted: 11 Apr 2019 11:23 AM PDT We are in the process of buying a house in PA. On Monday, we made an offer on a house that we love - signed the agreement and sent it to the listing agent through our realtor. Yesterday, the listing agent emailed our realtor a counter offer - no price change, just some stipulations about repairs to the house - which we agreed to. We signed a new agreement, and our realtor emailed back saying that we accepted their counter offer. Last night/this morning, the listing agent contacted our realtor saying that they had since received offers higher than ours, and that we could increase ours if we wanted. Our realtor is arguing that the fact that we accepted their counter offer means that a contract is in place. Is this true? To my knowledge, the seller never signed the agreement. tldr: Is acceptance of a counter offer via email legally binding in PA? [link] [comments]  |
| Ended up inadvertently on a showing from a Redfin agent. Are we obligated to stay with them? Posted: 11 Apr 2019 08:41 PM PDT Location: PA if that matters My wife has been stalking this house for weeks. Finally got me to agree to look at it even though we weren't planning to be in the market. She knows the owner (Bill) of the listing agency, and she bthinks that's going to help get a better deal, and wanted to use them as buyer agent as well to try and convince them to cut costs (and list or flip our house). She thought when she clicked to set an appointment on Redfin it would go to Bill. It obviously did not. Redfin guy "showed" us the property. About half way through our time there, Bill walked into the house and was shocked to find us as he thought we blew him off. Yeah it got awkward really quickly. We did not sign anything with him, but I'm sure there's stuff buried in the Redfin ToS... So here's my question. If we want this house are we stuck with Redfin guy and lose any potential for Bill's agency to represent us? If we are stuck is there anything we can do to get rid of RedFin guy? Pay him to go away and drop any claim to commission on the sale, perhaps? Honestly I was not impressed with Redfin guy and wouldn't want to work with him even if we didn't know BIll. He kinda stayed in the kitchen for most of the showing, and I asked him the same question three times and he completely ignored it. I would not want to do business with him regardless of any relationship with other agents, it wasn't a good match. But seeing the house only increased my wife's interest so if there's any options to get it without Redfin guy I'd be open to hearing it or trying it. [link] [comments]  |
| Is it better to buy a home after the summer and wait for Fall/Winter? Posted: 11 Apr 2019 12:59 PM PDT I'm in a hot market (Los Angeles) and my budget has me pushed out to the outer LA area (SGV, Torrance, the Valley etc.) - also a first time home buyer. As I've observed the housing market the last few months, there were deals to be had in November/December but I wasn't quite ready to buy during that time. Speaking briefly with my agent, she confirmed that the summer is "crazy" and the down period is from September to December. Does it make sense to wait out the summer? My wife and I have become obsessed at looking at new postings since we are now ready, although we have no real immediate need to buy as we don't have kids or plan on having any in the immediate future for that matter. Are there more houses being listed and are they all going above asking in the summer? What's everyone's experience for buying during the summer? [link] [comments]  |
| Trouble selling a previously foreclosed house Posted: 11 Apr 2019 01:56 PM PDT EDIT: The property was purchased at a tax foreclosure, not an REO foreclosure. I moved to my current city a couple years ago because of a job opportunity. For a combination of reasons, shortly after I moved here I decided to buy a historic home at a tax foreclosure and renovate it. It was the only way I could afford to buy in the area of the city I really like, I had always wanted to restore an older home, and my plan at the time was to live here for several years. However, I recently got an opportunity that would allow me to move back closer to home, so I put my house on the market and have gotten a lot of interest. I know that in the state where I currently live, foreclosed homes have a 1.5 year right of reclamation, where the previous owner can come back and purchase it. But I felt that this risk was remote and so I decided to take it. And thankfully nothing happened. However, in the process of trying to sell the home, I've run into an issue that I was completely unaware of. Apparently in my state, there is a 3.5 year period to claim invalidity of the foreclosure and tax sale, and there are still two more years before this expires. This has meant that I can't find a title company that is willing to process the sale. Is there any way I can close the sale without a title company? Or maybe some way that I can remain responsible for any risk relating to the period to claim invalidity while allowing the new owners to take possession of the house? Or am I stuck renting out a house for two years while I'm living across the country? [link] [comments]  |
| What is the best way to create property maps for raw/timber land? Posted: 11 Apr 2019 07:50 PM PDT I tried Google Maps, and the property boundaries do not exist for this property in West Virginia. Here is a single property example, but I want to connect 4 parcels together and make a map. http://apps.agdmaps.com/print/wv/wood/index.html?DMP=11-570-A [link] [comments]  |
| Posted: 11 Apr 2019 07:42 PM PDT Millenniums Information Services is all I've really been able to find. The reason I'm looking is because I am wanting to apply for positions doing the inspections for desktop appraisals to gain some experience. If anyone has any recommendations on where to look I'll take them. Thanks in advance! [link] [comments]  |
| What would you do? Buy your own or Buy to rent? Posted: 11 Apr 2019 12:34 PM PDT Overview I have $200,000 for a down payment and I'm working in NY on a decent salary (say $100,000) > with room for it to progress in the long term. In terms of mortgage I can get something up to $500k. So my total max purchase price would be around $700k. I can find 2 bedroom condos near Jersey City/Hoboken/Journal Square for this price. I plan to live in NY or surrounding for the next 6-8 years. If I do decide to ever rent this place, my mortgage payments would be higher than the rent I earn i.e. $3500 mortgage + taxes vs rental income $3000. Alternatively, I could possibly purchase a few duplex/out of state and maybe cash flow $1000-1500/month after mortgage payments. This would mean renting a place in or around NY for around $2000/month. So I guess any rent would be mostly off-set by the positive cash flow. To me it seems a better option to build a portfolio out of state and continue to rent in NY? Or am I missing the bigger picture (i.e. appreciation etc)? [link] [comments]  |
| Posted: 11 Apr 2019 06:15 PM PDT Pretty straight forward here. I am 24 y/o, have a decent amount in saving and good credit. I really want to get into real estate but dont know where to go. What's my best option as far as loan options for first time property buyer? Thanks. [link] [comments]  |
| Is it realistic to expect this type of deal in RE? Posted: 11 Apr 2019 12:08 PM PDT Recently, I was listening to a friend talk about how he knew a guy that spent 24k on a duplex......fixed it up for 8......and is now renting it out for 1600 a month. I don't know much about RE at all, but to me this sounded WAY to good to be true. Literally that type of deal to me sounds incredible Is this type of stuff normal? If it is I'd really appreciate it if someone could point me in the direction of where to start learning. TIA for your guys time. [link] [comments]  |
| Rocket Loans / Quicken experience Posted: 11 Apr 2019 05:42 PM PDT Long story short, with 37 days till closing, I have become completely dissatisfied with my current lender. I was locked at 4.00 with one float available. Called when the market dropped and got a quote of 3.625. I told them to go ahead and relock, and use my float. Two weeks of unreturned calls and emails, only to find out that the "pricing department" didn't approve the float. Tonight I put in a quick application at Rocket mortgage and got a better rate with comparable fees. Is there anything I should be worried about with Quicken? They seem to have pretty good reviews. Other than ensuring my appraisal gets transfered is there anything else I should do? [link] [comments]  |
| Posted: 11 Apr 2019 04:41 PM PDT |
| Buying a co-op in lieu of paying rent, advice/tips please Posted: 11 Apr 2019 10:40 AM PDT Hey guys, i'm looking to move out within the next year. I should pay off all of my student loans and should have some money left over to put down on a co-op. i live near NYC & i would have to wait quite a bit longer to save enough to just buy a regular condo/apartment but i've been wanting to move out. i was wondering what the pros/cons are if i get a co-op instead, live there for a few years as i save more money, and then sell it. i would hate if i paid rent and my money just went away. i like the idea of owning so my money im putting down every month is going somewhere.. thoughts/tips? [link] [comments]  |
| condo inspection revealed no dryer vent and an old hvac...are these deal breakers? Posted: 11 Apr 2019 04:30 PM PDT The electric washer/dryer is in a small closet and there is no exhaust to outside. Shining a light beside the unit revealed lint piled up. Also the furnace is about 20 years old. I know there are indoor dryer vent kits, but reading online makes it sound like indoor venting is a pretty big fire, mold, air quality hazard. Not to mention the hassle of cleaning out the kit and remembering to add water to it. Otherwise the place has been taken care of and is in good condition. What is reasonable to ask in this situation? [link] [comments]  |
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