Termites found after termite inspection came back clean. Real Estate |
- Termites found after termite inspection came back clean.
- Neighbor wants to move a fence
- 'Cash Out' refis accounting for 82% of refinancing. Declining credit scores accompanying trend.
- Buyer wants to take me to arbitration
- Buying on the town line in a desirable school district
- Should I pay off my mortgage on my rental property? 100K left
- I've been contacted by a realtor who wants my 1 bed 1 bath condo in downtown [Cleveland, OH]. Please help me decide - should I sell and cash out, stay there, or keep it as a rental property?
- Old Meth House
- Home inspection before receiving earnest money
- Consequences of a seller under-reporting improvements over decades
- Is Zillow Premier Agent worth it?
- How to take ownership of an abandoned alleyway
- Help With Home Value?
- Closed on a home 2 days ago and just discovered a leak in the basement after a big rain.
- Need advice on selling land
- Buying agricultural land, prepping and building on it under mortgage
- Need help with dog ownership in a cooperative at NYC
- Seller walked away when Title company asked for Personal Information Affidavit
- Rent history
- Opendoor deductions from original offer?
- No middle name in deed?
- Lowe’s has 50% off shingles until next week. Do they run this promotional often?
- Free Housing at Boarding School Job, Looking to Buy Property
| Termites found after termite inspection came back clean. Posted: 26 Apr 2019 11:31 AM PDT Bought a house last month and had a termite inspection per the request of my realtor. Literally today, the day before we move in, termites have chewed through the brand new refinished hardwood. The termite inspection came back as clean and said there were none. What are our options? I obviously can't prove the previous owner knew, but the inspection should have caught that, no? Little worked up, thanks for your help. [link] [comments]  |
| Neighbor wants to move a fence Posted: 26 Apr 2019 01:17 PM PDT My neighbor supposedly "loaned" five feet of property along a 300 foot fence line 1500 square feet) to the previous owners of my property. I bought this lot almost fifteen years ago. There was no mention anywhere of the alleged five feet when I purchased the property. The only notification I have received at all was an off hand comment in a very casual conversation well over a year ago. There is now a tractor parked and prepped to what appears to be moving the fence line. Can they do that with zero notice and no proof!? [link] [comments]  |
| 'Cash Out' refis accounting for 82% of refinancing. Declining credit scores accompanying trend. Posted: 26 Apr 2019 09:46 PM PDT 'Cash Out' refis accounting for 82% of refinancing. Declining credit scores following this trend. Cash Out gives borrower cash after they take a a higher mortgage/rate. Overall 'cash outs' have declined. [link] [comments]  |
| Buyer wants to take me to arbitration Posted: 26 Apr 2019 04:56 PM PDT This has really been stressing me out so hoping someone has some experience here. Background Bought a house a few years, built in the 60s, from the original owner of home. When I purchased the home there was an illegal kitchen built in the back of the home that the city was aware of. Upon taking over the home we worked with the city to remove the un-permitted structure. Given that that city inspected the property, we assumed that this was the only thing wrong with the house. We ended up selling the house a couple years ago and about a year later the buyer contacted (via a lawyer) that the back of the home was also unpermitted, thus, he wanted us to pay for him to remove and rebuild the structure since we failed to disclose this. At the time of sale, we had no reason to believe that the structure was not permitted since the city previously inspected the home. We also provided the buyer with all of the disclosures we received when we purchased the home, paid for home inspections, and allowed him the obligatory time to perform his own inspections. At this point in time, I feel the best we can do is provide the arbitrator with all of our supporting documents showing we had no idea about the structure being unpermitted and hope the arbitrator agrees with us. I went ahead and got a lawyer, but would like to see if anyone has had this sort of problem. Edit: I know that I'm still in the process of going to arbitration with my buyer, but is it too soon to bring the seller of the home to arbitration? They knowingly sold me a home that was a few hundred square feet smaller than what I paid for, since they were the ones who built the illegal structure. Based on the time of sale it would have equated to about 80K when converting square footage to $. Thanks! [link] [comments]  |
| Buying on the town line in a desirable school district Posted: 26 Apr 2019 05:21 PM PDT I'm considering making an offer on a home in a town with a great school district. People flock to this town because of the schools. The house is literally on the edge of the town and the next house over's zip code and address are in the town next door, which has a school district that's not nearly as desired buy home purchasers. Are there ever scenarios where town lines are redrawn and I end up with my house in the other town? I'm a city person so I don't have the slightest idea how these things work! It seems so weird to me that my neighbor would live in a different town. My main concern is that I would be paying a premium to live in this town and could wind up in that town, which could lower the value of the home. [link] [comments]  |
| Should I pay off my mortgage on my rental property? 100K left Posted: 27 Apr 2019 04:40 AM PDT 100K left on it at 3.125% interest rate. I have the cash to pay it off without being concerned about my cash position or emergency fund, and have no other debt. Right now, it's collecting 2.20% interest. What would I do with the proceeds otherwise? Likely another rental property which will cost 1.5MM multi-family in the city or a 300-400K vacation rental property. I believe the changes in tax laws motivate me towards thinking about this decision. Thoughts? [link] [comments]  |
| Posted: 26 Apr 2019 12:00 PM PDT As the title states, I'm not sure what to do and any advice would be much appreciated... here's a quick rundown: 35 years old with a decent credit score and solid career/income. I own a 1 bed, 1 bath, luxury condo in downtown Cleveland, OH. Purchased new in 2007 for $192k with a 15-year property tax abatement. It appraised at $235k when I refinanced in 2016 (3% fixed/15-year). I currently owe $135k, and I've been approached by a realtor who has a cash buyer interested at $220-225k, which means after 5% realtor fees I would walk away with about $75k in equity. I'm not exceptionally motivated to leave. The location is great and more room would be nice, but I'm comfortable here and to be honest I'm a little bit complacent (for the last several years I've been on autopilot just paying my bills and enjoying my life). I've looked around and the only other living situation that appeals to me are the new construction 2-3 bed/bath homes in a nearby neighborhood, which go for ~$350k and qualify for a fresh 15-year tax abatement. So on one hand, I could take ~$70k in equity from my condo and use it for 20% down on the ~$350k home, thus financing ~$280k. I would opt for a 15-year loan at the going rate of about 4%, for a payment of about $2,100, which is approaching the limit of what I can responsibly afford (because I like the idea of the house being paid off when the tax abatement expires). On the other hand, the prospective buyer wants my condo as a rental property and he expects it to fetch $1,700-$1,800/mo. This has me thinking; if the investor is willing to make that deal, then would I be making a mistake by selling? My mortgage payment on the condo is currently $1,225/mo plus $400/mo insurance and HOA fees. Effective November 2022 taxes will be ~$400/mo, so my total monthly cost is ~$1,625/$2,025, respectively. The rental income from my condo would essentially cancel out my cost of ownership, and I really like the idea of keeping it in my portfolio. Problem is, I don't have enough in savings to put 20% down on the new home I would want, so I'm going to be forced to find alternative means of funding (PMI, split mortgage, home equity loan, line of credit, etc.) As a consequence, my new mortgage would probably have to be a 20 or 30-year loan, which of course means I'm paying quite a bit more in interest/financing costs. I have some typical gripes about my HOA, but generally speaking they do a decent job and everything appears to be in good shape. The building just had some minor renovations and there was a major roof inspection, and everything looks good. Our reserve funds also appear to be healthy. For long-term financial gain/success, what seems to be the best route? I am also amenable to options I didn't present in my post - please offer your thoughts and opinions. Thanks in advance to anyone who took the time to read and respond! [link] [comments]  |
| Posted: 26 Apr 2019 10:19 PM PDT So the seller in the disclosures told us that past owners, (not the sellers), might have used the house for meth manufacturing prior to 1987. How concerned should I be? I don't see any evidence of it and the house passed inspection. [link] [comments]  |
| Home inspection before receiving earnest money Posted: 26 Apr 2019 05:49 AM PDT We are selling our home and accepted an offer on Saturday. Somehow the buyer was able to schedule a home inspection for Monday which also involved radon testing that took 48 hours. Come Thursday afternoon we are notified that the buyer ordered an appraisal for the next Monday. We felt this was odd as we did not negotiate inspection results yet. Thursday evening our agent has still not received earnest money and the buyer backs out stating HOA rules and inspection results. Also the buyer claimed to have wired earnest money but it was never received. My gut is telling me the buyer is not telling the real reason for backing out and it may be financial in nature. Meanwhile we turned down showings and now we feel like we lost a week of time. We are considering putting in the next contract that the earnest money must be received before inspections begin. Should our agent have known better than to let the inspection occur before receipt of the earnest money? Edited to add: Thank you all. We are not looking to keep EMD, just curious as to how long it should take to receive and where that falls in the whole process. We will be having a discussion with our agent. On the bright side we had a showing today and two are scheduled for tomorrow. [link] [comments]  |
| Consequences of a seller under-reporting improvements over decades Posted: 27 Apr 2019 12:34 AM PDT I have been negotiating with a private seller who has not yet listed the property in question publicly. She had a realtor visit to give her comps and a listing price, but chose not to work with that person and instead sell by word of mouth or FSBO. When we met, she showed me the comps and we used them as our baseline for negotiation. I was counting on a low appraisal contingency to bail me out if the property didn't appraise and it was determined that we were way off on the sales price. But given the seller's market, I decided to As I have been looking through county records, I noticed that this property is paying significantly lower property taxes than surrounding plots. It turns out that when it was purchased in the 90s, it had 2 bedrooms. The owner has subsequently finished the attic and partially finished the basement, turning them into additional bedrooms. And yet the assessed value of the land + improvements is about $100k lower than our agreed upon price. There is no record of any improvements to the home having been documented or reported to the County. I am now concerned that the home will either not appraise or that the process of selling will trigger events that cause a great deal of trouble for the seller and ultimately make moving in more difficult. Ethically, I find it kind of questionable that this person was paying decades of taxes on a 2 bedroom 1000 ft2 home, but is now selling it as a 4 bedroom, 2000 ft2 home. Don't get me wrong, the work that has been put into the home is great and I have no doubt its true market value is closer to the upper value, which I am able to finance. I guess my question is how much of a red flag is all of this? Is this a negotiating position for me at all? I don't want to be party to any sort of tax fraud. Do I, or would an lender's appraiser, have any sort of obligation to report this to the county? [link] [comments]  |
| Is Zillow Premier Agent worth it? Posted: 26 Apr 2019 01:23 PM PDT They quote something like 6-8x ROI metrics for their participating agents, but I imagine these numbers are inflated by including all commissions on a sale vs. just buying agent commissions. I know they've done things like put price caps in to prevent the auction system from running uncontrolled and have done more to increase lead quality but wondering what sort of ROIs any of you have seen that use the new PA platform are / if it's really worth the couple thousand bucks a year to get your name on more listings. [link] [comments]  |
| How to take ownership of an abandoned alleyway Posted: 26 Apr 2019 04:11 PM PDT Location: Indianapolis, IN We are closing on a house and the access to the garage is off of an alley. This alley appears to be abandoned and hasn't been maintained by the city. The only part of the alley that is still accessible is from the main street and only to our driveway, which is directly off the street. Would it be possible for us to take this alley and make it part of our property. The rest of the alley is completely overgrown and is unused. We'd like to have it replaced because it's a mudpit now. Thanks. [link] [comments]  |
| Posted: 26 Apr 2019 09:09 PM PDT [link] [comments]  |
| Closed on a home 2 days ago and just discovered a leak in the basement after a big rain. Posted: 26 Apr 2019 08:10 PM PDT Hey guys, just looking for some advice and help. We closed on our new home 2 days ago and havent even moved in yet. Today we had a serious rain that seems to have seeped into the basement. I did not get a home warranty from the seller, but given the gravity of this, is there any restitution/repair i can get for this? It seems hard to believe that they wouldn't have had prior knowledge of a leak this big. Located in Ohio. https://imgur.com/a/nvYHYVl photo attached. [link] [comments]  |
| Posted: 26 Apr 2019 06:46 PM PDT Hi I'm trying to sell 20 acres of land. It's worth between 600k and a mil approximately based on comps. The real estate group I'm talking with wants a 10 percent commission to advertise and sell the land. This seems high to me. Any advice what to do? [link] [comments]  |
| Buying agricultural land, prepping and building on it under mortgage Posted: 26 Apr 2019 06:47 AM PDT This is a crosspost from /mortgages - to make the question more relevant here, who should I talk to first when looking to buy land, build a tiny residential house on it as well as a large "storage/agricultural" type building that will eventually be used as a brewery. Would like to do this under a standard mortgage, or at least as much as possible (land is zoned agriculture). Post from /mortgages with more background: I'm looking to see if there's an option for getting a permanent loan to purchase land +build a house+ a large workshop/agricultural building that would eventually be used as a brewery. This would be agricultural zoned and be considered a farm brewery to the state. The soil would have to be good for a very large septic system (likely $70-100k), possibly a separate holding tank system for brewery waste, an oversized well, and upgraded electrical. There'd also have to be a parking area. The house itself would be very small, likely a pre-fabricated one to keep costs down (and I would live there). Do any mortgage/farm/fha type loans come to mind that all the above could fit under? It wouldn't start as a brewery off the bat, but eventually. I'll also be growing hops there. Or any recommendations on what types of bankers to speak to about this? Another option (I think) would be buying an existing farm with a conventional mortgage and converting it, but then I wouldn't be able to put the big costs (septic, well upgrades, utility runs, etc) under the mortgage. [link] [comments]  |
| Need help with dog ownership in a cooperative at NYC Posted: 26 Apr 2019 09:43 AM PDT I've been looking into co-ops and found a place I really like. The owner, agent, and even door person says people in the building own dogs. However upon having my agent look into a previous client's building rule book it says pets are NOT allowed. I've since had the selling agent contact a board member to ask about the situation and he/she said whatever the owner does after is up to them. Now I'm wondering what does that mean? What can happen if they decide to enforce the rule after I purchase the unit? I understand co-ops are a nightmare especially when they don't like the tenant and the last thing I want to do is have a bad first impression upon moving in. I have looked into having my doctor sign my dog up as an emotional support pet but I don't want to go that route if possible. Are there any precautionary measures I can take to prevent possibly being fined/forced out before signing? Has any of you ever had a similar issue? [link] [comments]  |
| Seller walked away when Title company asked for Personal Information Affidavit Posted: 26 Apr 2019 06:23 PM PDT Hi, We had a disappointment on a home we signed a contract for after 3months of search and going through the process, the title company asked for extra documents from the seller made him walk away, Is it normal that the title company asks for personal information affidavit from the seller? Am I eligible for compensation for the damage of time wasted in the process (2months from signing)? [link] [comments]  |
| Posted: 26 Apr 2019 11:53 AM PDT Hi, how does rent history work? My friend is freaking out because they were late one day on rent and were charged a late free. Typically they pay the day it's due which means the check is processed after it's due and they are therefore charged a late fee that's immediately redacted, so at first glance their balance history doesn't look great since it's full of late fees and redactions of the fees. Anyway, will this follow them around magically somehow? I haven't had to deal with late fees and am not quite sure how anything works lol. [link] [comments]  |
| Opendoor deductions from original offer? Posted: 26 Apr 2019 09:22 AM PDT We've got a house we're currently renting. It's in decent shape except the siding. Repairing siding is pretty expensive, and we'd never recoup the cost when we sold it. I'm wondering how much Opendoor would deduct from the original offer for siding. Can somebody tell me their experience with Opendoor? I'm interesting in any and all deductions. Thanks. [link] [comments]  |
| Posted: 26 Apr 2019 04:39 PM PDT So I bought a property with another individual recently and neither of us included our middle name in the deed nor the initial, but we do have it on our ID cards. We also omitted this information on the HOA application where the home is located. I'm concerned I may have issues with validating that we own the property, potential fraud, or when we may try to sell it in the future. Is it as serious as I may be making it out to be to consider correcting it with a quitclaim deed and on the HOA documents? [link] [comments]  |
| Lowe’s has 50% off shingles until next week. Do they run this promotional often? Posted: 26 Apr 2019 11:37 AM PDT Just wondering because was considering doing a lot of rental properties this year if this price is decent. [link] [comments]  |
| Free Housing at Boarding School Job, Looking to Buy Property Posted: 26 Apr 2019 02:59 PM PDT I am 32 about to get married in June. Live in NH if that's relevant. Both 720-750 credit. Joint income of 88K with free housing, utilities, dining hall. My fiance has around 60K in student loans. Neither of us has any other debt except credit cards we keep current. Assume we have 20K in a Roth IRA, 20K in a Traditional IRA and 20K cash. We could budget 2K/month because of the benefits of my job. My fiance works for the state Veteran's home and makes ~46K. I work as a teacher at a boarding school. I earn 42,000 plus free housing, utilities, and dining services. This leads to part of my question as far as my options for a mortgage, as technically I have been told that my "compensation" is around 65K with 23K worth of benefits and such, which may be considered when applying for a mortgage. We live in New Hampshire, the area we want to buy is near the NH/ME seacoast where my parents live. It is about 1hr 15 min away and includes southern Maine if out of state might matter. Someone had mentioned to me that it might limit our options for getting a mortgage for somewhere outside of a typical commuting distance. Since we have housing year-round at the school, we could potentially buy land and build either now or in the future. I would like a partially wooded lot with 3+ acres and/or water frontage/access for what that is worth. My fiance is open to the idea of buying land and only having a camper or tiny house on it initially. Alternatively, we could potentially buy an existing home or build a new home. If we did that, we may rent it for now as we build equity while living year-round at the school and letting the renters pay most/all of the mortgage. The area has been really expensive and is definitely a seller's market, while things have pulled back a bit in the last 6 months or so, there is still pent up demand for the type of home we want, which is making building sound more attractive. The area has continued to develop rapidly, (next door to Portsmouth NH/Kittery ME, only 70 minutes to Boston), and I worry that things will only continue to get more expensive. Currently, a typical 3Br/2Ba on 3 acre lot is around 370K asking give or take 50K based on location. -Would I be able to get a mortgage for just land? I am told may be more difficult than if I'm buying to build immediately. -Would I be able to afford to buy or build a home with the intention of immediately renting the property? I am told I may need a larger downpayment (note: my brother lives in the immediate area and would be a likely tenant or otherwise may be someone to keep an eye on place check in minor issues etc) -Will I run into problems trying to get a mortgage for a property that is over an hour from me and may or may not become my primary residence? [link] [comments]  |
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