House committee passes bill to make FHA loans less expensive (send opinions to your congressman) Real Estate |
- House committee passes bill to make FHA loans less expensive (send opinions to your congressman)
- 25k in repairs 6 months into owning
- [Oakland, CA] What information is available publicly to tell when sale is closed/out of escrow
- Warning signs when looking at houses - both new and old
- Non-Refundable Application Fees
- home builders vs realtor
- Any recommendations on books about hotel development and/or business model ?
- Bank Statments
- What are my options?
- Is buying a primary a waste of money?
- Initial closing disclosure seller name misspelled
- Wire or Cashier's Check for closing costs?
- Question about leasing terms
- sq footage difference?
- I wanted to share my opinion on the global real estate market and get peoples thoughts on "the property bubble".
- Unrecorded mechanics lien insurance
- How to handle the Arlington VA market as a seller?
- New Agent here, have a question...
- Purchase-Option Agreement Risks
- Looking to make an offer on recently surveyed land with no address or legal description.
- Can anyone help me understand a few things about section 8 program/tenants?
- Help! Losing my escrow.
- New construction and inspection. Builder is denying representation on my ordered inspection. Is this right?
| House committee passes bill to make FHA loans less expensive (send opinions to your congressman) Posted: 14 Jun 2019 10:18 AM PDT |
| 25k in repairs 6 months into owning Posted: 14 Jun 2019 02:30 PM PDT I bought a home back in December that I've been happy with but as we are getting rain and are out of winter every time it rains I wind up with water in my basement. I tore out the finishings (it's now unfinished) because I started to see mold in various areas. I had a structural engineer come out to assess the leak and was concerned for the amount of mold in the home. He stated that it's likely the reason for the cough, wheezing and allergy sypmtoms I am having but reffered me to a doctor. He stated that the foundation is really in horrible condition and both the walls and floor need repaired. A sump pump needs to be added and the mold removed. When I bought the property I had an independent inspection done. The inspector pointed things out here and there but reffered to everything as minor. This is also a FHA loan. I know they don't inspect but shouldn't they have caught major structural issues?I now have a huge project that I really can't afford but need to for health reasons. I haven't been able to get financing for the project because I just bought a house! Anyone have any ideas and or suggestions? Short term how can I get this fixed? Long term do I have any grounds for reimbursement anywhere? Thanks for any help [link] [comments]  |
| [Oakland, CA] What information is available publicly to tell when sale is closed/out of escrow Posted: 15 Jun 2019 02:49 AM PDT Hi. I don't know much about real estate so sorry if I get the terms wrong, but I hope this makes sense... I need to figure out who owned the apartment I rent during a certain part of my tenancy, which may have been sold recently. I'm wondering what sort(s) of public records, or other publicly available info, would be most reliable to show when the the property is/was in escrow, and when the sale completely closed and was out of escrow? Online/free would be best of course. Also is it possible to see what kinds of contingencies are in place? Thanks! [link] [comments]  |
| Warning signs when looking at houses - both new and old Posted: 14 Jun 2019 11:07 AM PDT What are some of the warnings signs you look for when going to an open house, or a private showing? I am referring to warnings for issues with the house - poor construction quality, potential hidden mold, the seller is trying to hide some imperfections with a rug/picture/couch, etc. [link] [comments]  |
| Non-Refundable Application Fees Posted: 14 Jun 2019 08:59 PM PDT I'm probably SOL here but hopefully someone can help me and give some advice/tips... I moved to Jacksonville, NC thinking that applying for a home rental would work like the majority of this country. I'm quickly learning it's impossible to actually get accepted for a rental due to the high volume of people doing the exact same thing. I've applied to 5 homes and haven't gotten one due to them already having applications submitted and it's based on first come, first serve. Close to $300 in application fees. One even had a $20 application fee for my dog... From what the different realtor companies have told me, the properties will have over 10 applications submitted to them the same day they're posted. Of course before I've applied, they make it sound like I've got a foot in the door. So today I'm denied for another one. Less than 2 hours after I applied. $40 application fee doesn't seem reasonable for a quick denial like that. I understand that these companies are making a killing right now on application fees alone, but at what point is it still a fair business practice? And do I have any leg to stand on to attempt to get a refund? [link] [comments]  |
| Posted: 14 Jun 2019 06:23 AM PDT Moving to San Antonio and am looking for my retirement home. Should my first step be to sign with a homebuilder realtor or a traditional real estate agent, then home builders? From what I've read homebuilders give some perks on rates and costs. But I am not really sure. [link] [comments]  |
| Any recommendations on books about hotel development and/or business model ? Posted: 15 Jun 2019 12:05 AM PDT I'm interested in learning more about the hotel business. I have a basic understanding (hotel brands are franchise companies that license out their brand to get other people to invest money into building a property). I'd like to thoroughly go through all the basics - any recommendations on what book I should buy or what website I should look at? [link] [comments]  |
| Posted: 14 Jun 2019 11:28 PM PDT Our bank statements are weird, they're not like your typical bank statement. It's an online bank (which I'm currently regretting), and I've had it for YEARS. They have a our account number on it , but only the last four digits. The rest are just x's. I guess for privacy purpose. It doesn't have a URL either. It has my name, transaction history. It has the logo of our bank. The number to call them. I'm freaking out right now and hoping this isn't going to ruin our chances to get the house! [link] [comments]  |
| Posted: 14 Jun 2019 08:59 PM PDT So I'm looking for a house right now to buy and live in. I'm in a city that's a VERY hot market and is a sellers market. So with that said, I'm trying to look for a house around the 230k-240k range. I'm going to be doing a 5% down payment plan which comes down to $11500- $12000. Then after that there's still the closing fee, which will probably be around 8000-9000. The issue is that I only have about less than 20k in liquid cash that I can pay. What are my options? I don't think I'm a sellers market I can ask the seller to pay for my closing fees. [link] [comments]  |
| Is buying a primary a waste of money? Posted: 14 Jun 2019 07:12 PM PDT I've been going back and forth on this. Though everyone wants to get their return on investment, I kind of feel like financing a home is a big f$#ken scam. The amount of money you pay in interest over the life of the loan, then continuous payment on taxes. You NEVER truly own your home. Like never!! [link] [comments]  |
| Initial closing disclosure seller name misspelled Posted: 14 Jun 2019 06:22 AM PDT Hello, I am looking for a piece of advice. We received our initial closing disclosure and two things bug me. One of the seller last name is incorrect (they put mine instead). The other seller full name looks correct. My wife and I names are correct. Two the down payment does not reflect what is specified on the contract. Does the seller name have to be corrected before signing ? Does the down payment on the contract have to be the same on the closing disclosure ? The sale price is correct on the closing disclosure. Thank you [link] [comments]  |
| Wire or Cashier's Check for closing costs? Posted: 14 Jun 2019 06:51 PM PDT We are closing on our first home Monday at 9am. (Yay!) Well, it's Friday night and we just got the final figures late this afternoon for closing costs so we couldn't really prepare. Considering typical banking weekend hours, is a cashier's check or wiring the money the better option? What are pros and cons to either? Or is either option fine time wise? We plan to go straight to the bank right at open tomorrow, but we are having a little anxiety over this. [link] [comments]  |
| Posted: 14 Jun 2019 06:05 PM PDT Hope this is the right subreddit. If not, some direction to the right place would be greatly appreciated. It's about time to renew my rental lease for my apartment unit. I've had trouble with the complex being slow and generally unprofessional, and the last time I renewed, it took me a few phone calls/contacts to actually get them to renew my lease. At that time, they had told me that they "ran out" of 12-month lease terms, so they could only offer 13-month terms or longer. Apparently I had waited too long and they had given out all their offers for 12-month terms. I had never heard of anything like that happening before, but because I'm inexperienced and somewhat passive, I just went ahead with it. We're thinking about renewing again (don't want to bother with moving, deposits, etc for a new place) and I'm trying to determine how to go about this. If this is some sort of trick, I definitely don't want to get tricked again. If it isn't, then I still want to try to renew before they try to pull it on me. Thanks. [link] [comments]  |
| Posted: 14 Jun 2019 01:49 PM PDT Currently in escrow and our appraisal report came back at 1556 sq ft compared to the MLS listing website at 1670 sq ft. Which one is the real sq footage and what happens when we sell? Also, the current county assessor office has the sq ft at 1080 sq ft. They have permits from several years ago that add up to the 1670 sq ft but have not updated their information. Will this adversely affect us moving forward? Thanks. [link] [comments]  |
| Posted: 14 Jun 2019 05:10 PM PDT I think the property bubble thing is absolute bullshit. I've lived in australia, canada and england. House, unit and condo prices in the last 10 years globally have only gone up and up and up and i think people expecting the prices to drop when "the bubble bursts" are kidding themselves. Real estate prices are now so far beyond the average young person these days (millenials) and there are people out there who keep buying and investing and pricing people out of the market. In vancouver, toronto, london and sydney there are huge loop holes where dirty money comes in from asia and russia and is parked in property. Literally thousands of units and houses are being bought as a safe way for criminals to park their money. Im renting atm but plan to buy a small condo in downtown toronto in the next 2-3 years with a budget of $600k Thoughts?? I'm keen to hear what everyone else thinks... [link] [comments]  |
| Unrecorded mechanics lien insurance Posted: 14 Jun 2019 08:21 AM PDT Hello all, I recently found out that title insurance no longer covers unrecorded mechanics liens, unless you pay an extra 250 bucks. My question is, should this be something that I buy? I know insurance is a good idea but I can't seem to find a lot of info on this specific thing, so if anyone could Impart some advice on if I should get it, and if it's worth it, I'd greatly appreciate it [link] [comments]  |
| How to handle the Arlington VA market as a seller? Posted: 14 Jun 2019 11:49 AM PDT Planning to put my 1BR Arlington, VA condo on the market soon as I have to relocate to another region. A lot of numbers being thrown around right now about the area having incredibly low inventory and high demand while investors are swooping into the area ahead of Amazon. I'm about 2-3 miles from where Amazon will be. As a result prices are up a lot. I think the realtor is pricing it well (325k). It's in line with area comps based on similar comps from when I purchased in 2013 (315k). As I read more I'm wondering if its being priced too low/high. We wouldn't want to live in it if we return. Almost 100% of homes are going at or above listing price. Do I let offers push it higher or should I price it higher? Hard for me to fathom it selling for more than this but I could be wrong and don't want to miss out on profits. A lot of people suggest renting it out but it seems to me that the area has a lot of rental inventory and profit margins wouldn't be good enough. I think their idea is just to hold it so the value increases but I don't think playing that game is worth it right now. Thoughts? [link] [comments]  |
| New Agent here, have a question... Posted: 14 Jun 2019 03:15 PM PDT So I got my license last week and I read an article that it's a good idea to create an LLC for yourself as an agent. Is this a good idea for a brand new agent? I understand that there are tax benefits to working as an agent under your own LLC, but is this something I should dive into after I get the hang of being an actual agent? or is it something that I will want to do from the start? [link] [comments]  |
| Purchase-Option Agreement Risks Posted: 14 Jun 2019 02:43 PM PDT I've been getting really into real estate investing and been looking into a lot of things surrounding agreements and such, and along my journey I found a book by peter conti and david finkel, they talk about purchase options and how in escense there is basically no risk besides wasted time, how can something seem so easy and profitable without any risk. Have any of you had any bad expeiriences with purchase options and why have you stayed away from them? [link] [comments]  |
| Looking to make an offer on recently surveyed land with no address or legal description. Posted: 14 Jun 2019 10:34 AM PDT For a few months, my husband and I have been in contact with a private owner of some property that I am interested in. The property is a small unconnected section of a much larger piece of property that she owns. This piece was connected at one time, but she's sold off other pieces in between the main property and this one. The lot, by itself, does not have an address or legal description. She has quoted me a price that she wants, and we are ready to make an offer. At our request, she initiated a survey because the previous one was too old and didn't contain critical updates. She submitted the survey to the Town Council for review/approval a few weeks ago. This lot is not in the town itself but in an extraterritorial jurisdiction. According to her (and the council secretary), it may be a few months before it can be approved, due to the required neighbor & newspaper notice and protest response periods, the fact that the council only meets once a month, etc. The property is not listed for sale. My husband, real estate agent and I have just been dealing with the owner directly over the phone. Is it a good idea (or even possible) to make an offer on the property contingent upon the required city/town approvals? (this is my main question) The owner is not young but seems mentally sharp. I don't think she is ill, but I'm paranoid about her dying and us having no records that she had been entertaining our interest in the property. She has given all indications so far that she will sell it to us, but she doesn't need the money, so she doesn't have any real "motivation" to do so. We have invested $1200 in a soil test (with the owner's verbal permission), as there was some question about what kind of foundation we would need and if it was even buildable. I knew this $$ was a risk since we didn't own the lot, but we made the decision to do it because we didn't want to make an offer on the lot if we couldn't build on it! The lot is not level and likely will require a custom floor plan due to the depth of the buildable area and view orientation. We have a builder and an architect ready to proceed but plan on holding off investing more $$ until we legally own the property. [link] [comments]  |
| Can anyone help me understand a few things about section 8 program/tenants? Posted: 14 Jun 2019 02:04 PM PDT I obtained my real estate license a little over a year ago. Property management is one of my specialties, so I'm pretty versed in dealing with tenants and the whole process. However, I can't seem to get a straight answer from anyone on section 8 tenants and housing. I'm heavily considering buying a duplex in a low income inner city area in Mississippi, USA because it is ridiculously underpriced. I have lightly researched section 8 housing vouchers and the process in general but it doesn't seem to be very straight forward. The house in question is structural and safe to occupy. I don't even really know what to ask, but I'm generally looking for any advice on section 8. A few specific questions I had were....
If you can help guide me in the right direction, I would greatly appreciate it! Thank you in advance for the response! I really appreciate the help. [link] [comments]  |
| Posted: 14 Jun 2019 01:43 PM PDT I was purchasing a condo in S. Florida, I used a friend who was a lender out of state. A week before closing he called to say he screwed up with the lending as you need 25% in Florida he did a 90/10. He was scrambling to makes adjustments, but we wound having to sign an addendum to push the closing date back a week. Sellers signed the addendum, but it DID NOT STATE why the closing was being pushed back however, the sellers and their agent knew. To this point I was (only) conditionally approved, while my lender was working on the new loan and before the new closing date. I got fired!! So now I can't go through and was formally denied a loan. Now the title company is saying the sellers get to keep my escrow, because we did not spell it out in the addendum. I'm now out of work does it make sense for me to hire and attorney to try and get my $5,000 back? Second question, is the property frozen meaning the sellers can't sell until the escrow is cleared up? [link] [comments]  |
| Posted: 14 Jun 2019 01:17 PM PDT Buying a new construction home in Florida. I have a closing date coming up at the end of the month. Two walkthroughs are set up. Since I am so far away, and dealing with work and selling my home where I am at now (same day as closing there) a family representative is being present for all the walkthroughs. Like all responsible home buyers should, I ordered an inspection of the home and was told it would be ready. This inspection is happening just 2 days before the first walk through. Building superintendent confirmed the time and day with me after I got him the inspection agent's insurance info. He also tells me to call him when I arrive so he can let us in. I reply telling him that it will actually be a family member... then things change. He replied saying they can't be there. So I immediately ask why the heck not? Then I get a call from someone else CC'd on this email with the builder who tries to tell me the reason is because the superintendent can't be there the whole time, and since the house is still considered under construction, there is a liability with someone other than the insured agent being there without the superintendent being there. Okay, so first off, how can this be right? They told me the day I can do the inspection, 2 days later is the first walk through, and the house will be considered still under construction? That makes me feel like my inspection I am paying for is not going to be complete if the final product is not done. According to everything else this implies this construction state of the home will be up till the final walk through which happens 1 day before closing.... is this right? Is this right they can deny my representation being present because the superintendent is too busy to be there for the inspection? I already reached out to my real estate agent and gave the builder my many reasons why this is BS and I need them to make an exception or find someone else to be there. I haven't heard back from either, but figured maybe someone here can give me some knowledge on if I am in the right or have no power to demand things here. Thanks! [link] [comments]  |
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